ING Group intends to sell ING Trust in Management Buyout

Amsterdam, 4 January 2007

ING Group announced today that it intends to sell its business unit ING Trust to management and Foreman Capital, an independent investment company based in the Netherlands. Financial details of the transaction were not disclosed.

The management buyout team is led by Floris Nijland, Commercial Director of ING Trust, and Joep Bruins, ING Trust’s Financial Director. Michiel Schölvinck, interim Chief Executive Officer of ING Trust, will stay on as CEO for a transitional period at the request of both ING and Foreman Capital. The buyout team includes the majority of ING Trust’s senior management.

Following the completion of the sale, ING Trust will be rebranded to reflect its new stand-alone position. However, the rebranded trust company and ING intend to continue their excellent working relationship following the transaction.

Headquartered in the Netherlands, ING Trust offers fiduciary and advisory services to private individuals and corporate clients, including trustee services, administration of companies, and tax compliance services. The company currently employs approximately 165 staff and has operations in six countries: the Netherlands, Luxembourg, Aruba, Curacao, Hong Kong and Mauritius.

The divestment is part of ING’s strategy to focus on its core banking, insurance and asset management businesses. It follows a strategic review which concluded that ING Trust would be better positioned as an independent company focusing exclusively on trust services.

The sale is subject to regulatory approval as well as advice from the Works Council and is expected to be completed in the first quarter of 2007. The transaction is expected to have no material impact on the results of ING Group or the Tier-1 ratio of ING Bank NV.

Press enquiries: ING Group
Dorothy Hillenius, +31 (0) 20 541 6522, dorothy.hillenius@ing.com

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in over 50 countries. With a diverse workforce of about 115,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.