Bangkok--27 Oct--Aziam Burson-Marsteller
ING also announces preliminary Q3 2009 results and plan to repay Dutch State EUR 5 billion for capital injection
ING made several announcements in line with its Back to Basics strategy which was announced on April 9, 2009.
Four press releases were issued today, covering:
1. A preliminary announcement of our third quarter results: third quarter 2009 underlying net earnings estimated around ?750m.
In Q3 2009 the Group achieved strong commercial results of approximately EUR 2.4 billion, which were primarily attributable to the Bank. The Group’s third quarter commercial results represent an increase of 42% compared with the same quarter last year, and a 3% increase over the second quarter of 2009. ING expects to post an underlying net result of approximately EUR 750 million for the quarter, compared with EUR 229 million in the second quarter of 2009 and EUR -568 million in the third quarter of 2008.
2. The decision to formally separate Banking and Insurance by end 2013 as part of a plan filed with the European Commission
Earlier this year ING presented the Back to Basics program to streamline the company and reduce risk, costs and leverage. As announced, ING’s banking activities will be based on the proven strengths of gathering savings, distribution leadership, simple propositions and strong marketing. The Insurance business will focus on its long-term structural leadership positions in life and retirement services.
3. A ?7.5bn rights issue in order to pay back ?5bn to the Dutch government and to cover additional fees
4. New management board structures for banking and insurance in line with our new strategic direction
The insurance business will be managed regionally, with key building blocks including the operations in the Benelux, US, Central Europe, Latin America and Asia.
This is an important step to put the financial crisis behind us and turn our attention to the future.
What does this mean for our customers?
ING Life, Thailand will continue to serve its customers as before. We are continuously investing to improve our customer service and our products for you.
What doesn’t change is our commitment to banking, insurance and investment management. As our businesses go their separate ways over the next four years, they will benefit from continued investments from ING and an even more concentrated focus on what matters most to customers.
The short-term impact of these decisions is that ING will strengthen its financial position. ING’s insurance activities remain a top-5 global life insurance and retirement operation with a strong presence in developed and emerging markets.
For further information, you can visit ING Life website at www.inglife.co.th
For more information please contact:
Aziam Burson-Marsteller Tel. 0 2252 9871
Hongsinunt / Jittima / Satida