International Finance Corporation agreed to acquire 7.9% stake in Sul América SA (BOVESPA:SULA11) from ING Groep NV (ENXTAM:INGA) for BRL 400 million on May 16, 2013. the transaction involves acquisition of 26.5 million shares of Sul America. These shares have been released from the obligations of the shareholders agreement between ING and the Larragoiti Family. The transaction with IFC is expected to close within 30 days.

Citigroup Global Transaction Services entered into a definitive agreement to acquire custody and securities services business in seven Central and Eastern European countries from ING Groep NV (ENXTAM:INGA) on April 26, 2013. Citigroup will acquire businesses in Bulgaria, Czech Republic, Hungary, Romania, Russia, Slovakia and Ukraine. The completion of transaction is subject to regulatory approval, clearances and standard closing conditions. The transaction is expected ... to be completed in the second quarter of 2013 while the full migration of the clients business is expected to be finalised in the first quarter of 2014. The transaction is not expected to have a material impact on ING’s results. Vasil Kisil & Partners acted as legal advisor for ING Groep. Nigel Kemp, Robin Schiff, Rosemary Sutherland and Joseph Tedeschi acted as financial advisor for Citi Group. Barnabas W.B. Reynolds, Jeremy Kutner, Matthew Readings, Simon J. Little, Paul Pasalic, Azad Ali and Ellerina Teo of Shearman & Sterling acted as legal advisors for Citi Group. Leo Greve, Willem Daris, Monte Hoekstra and Paul van Slobbe of ING FI Event Finance & Advisory division of ING Bank N.V. acted as sole financial advisors to ING Group. Barney Reynolds, Jeremy Kutner, Matthew Readings, Simon Little, Paul Pasalic Azad Ali and Ellie Teo of Shearman & Sterling (London) LLP acted as legal advisor for Citigroup Global Transaction Services.
Read More

Larragoiti Family agreed to acquire an additional unknown stake in Sul América SA (BOVESPA:SULA11) from ING Groep NV on February 28, 2013. The transaction will be carried out via share swap. On completion, ING will hold a direct stake of just under 30% in Sul América SA. Following the transaction, ING will continue to contribute to the success of Sul América through its participation in the Board of Directors. The transaction is subject to regulatory approvals. The transaction ... is expected to close in the second half of 2013. The transaction is not expected to have a material impact on ING Group results. Lazard acted as financial advisor for ING Groep NV.
Read More

Sponsored Financial Commentaries

To contact ING GROEP N.V.-SPONSORED ADR, please visit . Company data is provided by Capital IQ. Please use this form to report any data issues.

Our data partners will research the update request and update the information on this page if necessary. Research and follow-up could take several weeks. If you have questions, you can contact them at bwwebmaster@businessweek.com.