ING announced today that is has finalised the acquisition of Slovak private pension provider VSP Tatry Sympatia from TBIH Financial Services Group N.V. The value of the transaction is approximately EUR 35 million.
As announced on 6 June 2005 the acquisition is in line with ING's growth strategy of pursuing carefully selected add-on acquisitions that strengthen ING's position in key growth markets. Tatry Sympatia considerably strengthens ING's position in the Slovak Republic, where it currently has 200,000 clients in life insurance and mandatory pensions.
Tatry Sympatia is market leader in managing voluntary private pensions in the Slovak Republic, with a market share of approximately 44%. It serves over 300,000 customers with EUR 181 million in assets under management.
The business will be transferred to ING from 30 September 2005.
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Press enquiries: ING Group
Debbie Brand, +31 20 541 65 26, debbie.brand@ing.com |
ING is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 60 million private, corporate and institutional clients in over 50 countries.
With a diverse workforce of about 114,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.
