ING Direct 2011 Annual Report Download - page 171

Notes to the consolidated annual accounts of ING Group continued
3W Holding B.V.
General
Primary line of business Bank
Date of full consolidation
1 September
2009
Purchase consideration payable 5
Assets
Miscellaneous other assets 51
Liabilities
Customer deposits and other funds on deposit 21
Miscellaneous other liabilities 51
Net assets –21
Goodwill recognised 26
Profit since date of full consolidation –16
Income if fully consolidated as of start of year –5
Profit if fully consolidated as of start of year –19
Disposals effective in 2009
In October 2008 ING reached agreement to sell its entire Taiwanese life insurance business, ING Life Taiwan, to Fubon Financial Holding
Co. Ltd. The sale was completed in February 2009 at a final sales price of EUR 466 million (USD 600 million). This differs from the proceeds
reported in 2008 of EUR 447 million due to movements in the dollar/euro exchange rate between date of signing the sales agreement and
the date of closing. ING was paid in a fixed number of shares with the difference between the fair value of those shares at the closing date
and the sale price being paid in subordinated debt securities of the acquirer. This transaction resulted in a loss of EUR 292 million. This loss
includes EUR 214 million loss on disposal (recognised in 2008 in ‘Net result on disposal of group companies’ in the profit and loss account)
and EUR 78 million operating loss in the period that ING Life Taiwan was held for sale. ING Life Taiwan was previously included in the
segment Insurance Asia/Pacific.
In February 2009, ING completed the sale of its 70% stake in ING Canada for net proceeds of EUR 1,316 million. This differs from the
proceeds presented in the annual accounts of 2008 of EUR 1,265 million due to movements in the Canadian dollar/euro exchange rate
between date of signing the sales agreement and the date of closing. The sale was effected through a private placement and a concurrent
‘bought deal’ public offering in Canada. This transaction resulted in a loss of EUR 38 million. ING Canada was previously included in the
segment Insurance US.
In July 2009 ING reached an agreement to sell its non-core Annuity and Mortgage businesses in Chile to Corp Group Vida Chile, S.A for
EUR 217 million. This sale does not impact ING’s Pension, Life Insurance, and Investment Management businesses in Chile where ING
remains committed to developing leadership positions. This sale was completed in November 2009 and resulted in a loss of EUR 23 million.
These non-core Annuity and Mortgages businesses were previously included in the segment Insurance Latin America.
In September 2009 ING reached an agreement to sell its life insurance and wealth management venture in Australia and New Zealand to
ANZ, its joint venture partner. Under the terms of the agreement, ING sold its 51% equity stakes in ING Australia and ING New Zealand to
ANZ for EUR 1,106 million cash proceeds. The transaction is part of ING’s Back to Basics strategy. The sale was completed in November
2009 and resulted in a profit for ING of EUR 337 million. The joint venture was previously included in the segment Insurance Asia/Pacific.
1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
169ING Group Annual Report 2011