ING closes 10-year exclusive partnership agreement with Piraeus Bank in Greece

Amsterdam • 1 October 2007

ING Group announces that it has reached final agreement with Piraeus Bank on a 10-year exclusive distribution partnership in Greece covering life, employee benefits, pension insurances and retail banking products.

On 30 July, ING and Piraeus Bank announced they had signed a Memorandum of Understanding to enter into this partnership. The negotiations have now finalized and have resulted in an agreement that gives ING exclusive access to Piraeus Bank’s network of 309 branch offices in Greece for the distribution of life insurance and pension products. ING’s network of tied agents in Greece will promote the retail banking products of Piraeus Bank.

In addition, ING acquires full ownership of ING Piraeus Life, the joint venture between ING and Piraeus Bank. Financial details were not disclosed.

The partnership follows on a cooperation agreement signed in 2002 and fits into ING’s growth strategy in Central Europe of which extending and broadening of distribution is one of the spearheads. It also confirms ING’s firm commitment to the Greek insurance market.

ING Piraeus Life has grown rapidly mainly through sales of unit-linked products. It is currently the 8th largest life insurer in the Greek market with a market share of 3.7%. ING also sells insurance products via tied agents through ING Greece. ING Greece ranks 5th in the Greek life market with a market share of 8.4%. Combined, ING Greece and ING Piraeus Life occupy the 3rd position in the Greek life insurance market. Piraeus Bank is the 4th largest bank in Greece.

Press enquiries:

Nanne Bos, ING Group +31 20 541 6516, nanne.bos@ing.com

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries.
With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.