PRESS RELEASE: ING To Sell Asian Private Banking Business To OCBC

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| *          Proceeds on transaction of US$ 1,463 million           | 
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| *          Divestment reflects strength of strategic              | 
|   transformation                                                  | 
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ING announced today that it has reached an agreement to sell its 
Asian Private Banking business to Oversea-Chinese Banking Corporation 
Limited (OCBC Bank) for a consideration of US$ 1,463 million (around 
EUR 1 billion) in cash. OCBC Bank is Singapore's longest established 
local bank and offers a wide range of specialist financial services. 
 
 
Jan Hommen, CEO of ING: "Today's announcement reflects the momentum 
and the strength of our strategic transformation. Through the Back to 
Basics Programme, ING will simplify its organisation and will reduce 
its geographic and business scope, focusing on its positions in 
markets with the strongest franchises. After today's transaction we 
have completed the divestment programme of our Private Banking 
business. ING Private Banking in the Benelux and Central Eastern 
Europe remain integral parts of ING." 
 
The transaction will generate an estimated net profit for ING of 
approximately EUR 300 million and is expected to free up around EUR 
370 million of capital. Completion of the transaction between ING and 
OCBC Bank is subject to a number of regulatory approvals and is 
expected to occur around year end. 
 
ING's Asian Private Banking has around EUR 11 billion of assets under 
management. The Asia franchise offers private banking services in 11 
markets, including Hong Kong, the Philippines and Singapore. 
 
Eli Leenaars, CEO Retail Banking, commented: "With OCBC Bank we found 
a solid new owner for our Asian Private Banking Business. OCBC Bank 
is a professional player offering a wide range of specialist 
financial services. ING remains confident about Asia's long-term 
financial and economic prospects and potential and we are committed 
to our other existing Asian banking positions." 
 
ING remains active in Asia with retail banking, insurance, wholesale 
banking, investment management and real estate. 
 
 
This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 
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