ING has also reached an agreement on early exit terms on the Core Tier 1 securities: The sale of Interadvies in the Netherlands and the divestment of ING Direct USA over time The split is also the most effective way to reach a resolution on restructuring with the European Commission, while securing a promising future for both parts of the business and protecting the interests of all stakeholdersĪ formal restructuring plan has been submitted to the EC and approval is anticipated before the end of November, including:Īdditional payments to address EC competition requirements in the form of adjustments to fees for the Illiquid Assets Back-up Facility (NPV EUR 1.3 billion before tax to be booked in Q4) ING will move toward a full separation of Banking and Insurance, marking the next chapter in the "Back to Basics" transformation programme to simplify the organisation London - 27 October 2009 FREE WRITING PROSPECTUS
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