Regulatory approval confirmed for divestment of ING Direct USA
Regulatory approval confirmed for divestment of ING Direct USA
Regulatory approval confirmed for divestment of ING Direct USA
Amsterdam, 14 February 2012
ING confirms today that the Board of Governors of the Federal Reserve System (FRB) has approved the acquisition of ING Direct USA by Capital One from ING Group. Approval from the FRB is required under the US Bank Holding Company Act. This decision concludes the regulatory approval process, following earlier approvals from the Delaware Office of the State Bank Commissioner, the Office of the Comptroller of the Currency, the Dutch Central Bank and other regulators.
ING announced the sale of ING Direct USA to Capital One on 16 June 2011. The divestment is part of the restructuring plan ING filed with the European Commission in 2009 to obtain its approval for the State support ING received in the context of the financial crisis.
The transactions as announced on 16 June 2011 continue to be on track to close shortly.
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ING PROFILE
ING is a global financial institution of Dutch origin, offering banking, investments, life insurance and retirement services to meet the needs of a broad customer base. Going forward, we will concentrate on our position as an international retail, direct and commercial bank, while creating an optimal base for an independent future for our insurance and investment management operations
IMPORTANT LEGAL INFORMATION
Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in ING’s core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro, (4) the implementation of ING’s restructuring plan to separate banking and insurance operations, (5) changes in the availability of, and costs associated with, sources of liquidity such as interbank funding, as well as conditions in the credit markets generally, including changes in borrower and counterparty creditworthiness, (6) the frequency and severity of insured loss events, (7) changes affecting mortality and morbidity levels and trends, (8) changes affecting persistency levels, (9) changes affecting interest rate levels, (10) changes affecting currency exchange rates, (11) changes in customer and policyholder behaviour, (12) changes in general competitive factors, (13) changes in laws and regulations, (14) changes in the policies of governments and/or regulatory authorities, (15) conclusions with regard to purchase accounting assumptions and methodologies, (16) changes in ownership that could affect the future availability to us of net operating loss, net capital and builtin loss carry forwards, and (17) ING’s ability to achieve projected operational synergies. ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason. This document does not constitute an offer to sell, or a solicitation of an offer to buy, any securities.