OREANDA-NEWS.  ING has sold its remaining 10% stake in SulAmerica S.A. through a block trade on the BM&F BOVESPA stock exchange. This announcement is in line with ING’s stated objective to divest its insurance and investment management businesses and focus on banking. The transaction announced today completes the divestment of ING’s stake in SulAmerica.

The trade was closed at BRL 15.31 per unit representing a 0.5% discount to the closing price of SulAmerica shares on 26 June. The sale generated approximately EUR 170 million in cash proceeds. The transaction is not expected to have a material impact on ING’s financial results. As previously announced, ING intends to use the proceeds for the reduction of ING Group core debt.

ING expects to settle the transaction announced today on Wednesday 2 July.

SulAmerica is the largest independent insurance group in Brazil, with operations in several insurance lines. Its business lines are supported by diversified distribution capabilities including a network of more than 30,000 independent insurance brokers and partnerships with more than 20 financial- and retail institutions, adding a further 16,000 points of sale.