ING Groep N.V.
Hieronder vindt u informatie uit het register openbaarmaking voorwetenschap. Deze informatie is door de organisatie verstrekt.
Publicatie datum
14 nov 2007 - 10:53
Statutaire naam
ING Groep N.V.
Titel
ING to acquire Argentina’s leading pension and annuity business
Bericht
ING announced today that it has reached an agreement with Santander and Grupo Bapro to acquire 100% of Argentine pension fund Origenes AFJP and annuity company Origenes Seguros de Retiro to further strengthen ING’s position in Latin America. This transaction will make ING the largest pension fund manager and second largest annuity provider in Argentina, further enhancing the scale of its recently boosted Latin American wealth management business.
Under the terms of the agreement, ING will acquire 59.2% of the mandatory pension and annuity business from Santander and the remaining 40.8% from its joint venture partner, Grupo Bapro and its subsidiaries, for a total consideration of USD 280 million (EUR 192 million). The impact of this acquisition is equivalent to 35 bps of the debt equity ratio of ING Group.
Tom McInerney, ING Executive Board member and CEO for ING Insurance Americas said, “These pension and annuity businesses both have exceptional market positions in Argentina, making this acquisition an excellent platform with which to grow ING’s wealth management and retirement services position in the region. This acquisition represents another milestone in ING’s strategy to support growth through suitable bolt-on acquisitions.”
Santander’s and Grupo Bapro’s pension and annuity businesses in Argentina had more than 2.4 million customers and 1,761 employees and sales personnel at the end of June 2007 and distribute products primarily through a network of tied agents. As of June 2007 the business reported USD6.5 billion (EUR4.5 billion) of assets under management and after tax profits of USD37 million (EUR25 million) (Argentina’s fiscal year ends June 2007).
On July 27, ING announced that it had reached an agreement with Santander to acquire its Latin American pension businesses excluding Argentina. These mandatory pension fund management companies (AFPs) are located in Mexico, Chile, Colombia and Uruguay and make ING the second largest pension fund manager in L
Datum laatste update: 25 maart 2025