* Proceeds on transaction of EUR 344 million 
  * Making good progress in executing Back to Basics Programme 
 
ING announced today that it has reached an agreement to sell its 
Swiss Private Banking business to Julius Baer for a consideration of 
CHF 520 million (EUR 344 million) in cash. Julius Baer is the leading 
pure-play Swiss Private Banking group. 
 
Jan Hommen, CEO of ING Group: "The divestment of our Private Banking 
activities in Switzerland illustrates once more that we are making 
good progress in executing our Back to Basics programme. We are 
pleased to have found such a sophisticated and professional player as 
Julius Baer as the new owner of our Swiss Private Banking business. 
This sale and the recently announced divestment of our life insurance 
and wealth management joint venture in Australia and New Zealand show 
ING's commitment to focus on fewer franchises and the reduction of 
the complexity of the group." 
 
The transaction will generate an estimated net profit for ING of EUR 
150 million and is expected to free up EUR 200 million of capital. 
The agreement of ING and Julius Baer is subject to regulatory 
approval and is expected to close in the first quarter of 2010. 
 
As part of the announced Back to Basics programme, ING is currently 
also in discussions about the future of the Private Banking 
activities in Asia. Any further announcements on this matter will 
only be made when appropriate. ING Private Banking in the Benelux and 
Central Eastern Europe remain integral parts of ING. 
 
ING's Swiss Private Banking has around EUR 10 billion assets under 
management. Excluding Switzerland, ING Private Banking serves world 
wide more than 65.000 clients with a staff of around 1500 employees 
and has over EUR 48 billion assets under management. 
 
Press enquiries                                              Investor 
enquiries 
Anneloes Geldermans                                       Ewald 
Walraven 
ING Group                                                       ING 
Group 
+31 20 541 6526                                              +31 20 
541 5463 
anneloes.geldermans@ing.com 
ewald.walraven@ing.com 
 
 
ING Profile 
ING is a global financial institution of Dutch origin offering 
banking, investments, life insurance and retirement services to over 
85 million private, corporate and institutional clients in more than 
40 countries. With a diverse workforce of about 110,000 people, ING 
is dedicated to setting the standard in helping our clients manage 
their financial future. 
 
Important legal information 
Certain of the statements contained herein are statements of future 
expectations and other forward-looking statements. These expectations 
are based on management's current views and assumptions and involve 
known and unknown risks and uncertainties. Actual results, 
performance or events may differ materially from those in such 
statements due to, among other things, (i) general economic 
conditions, in particular economic conditions in ING's core markets, 
(ii) performance of financial markets, including emerging markets, 
(iii) the frequency and severity of insured loss events, (iv) 
mortality and morbidity levels and trends, (v) persistency levels, 
(vi) interest rate levels, (vii) currency exchange rates (viii) 
general competitive factors, (ix) changes in laws and regulations, 
(x) changes in the policies of governments and/or regulatory 
authorities, (XI) conclusions with regard to purchase accounting 
assumptions and methodologies, (XII) ING's ability to achieve 
projected operational synergies. ING assumes no obligation to update 
any forward-looking information contained in this document. 
 
 
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