ING Signs Memorandum of Understanding to Acquire a 17.5% Stake in Mexican Grupo Financiero Bital

Today ING (NYSE: ING) announced it has signed a memorandum of understanding, subject to negotiating final agreements, with the Mexican financial services company Grupo Financiero Bital (Bital) for an intended investment of USD 200 million in the company. The intended investment, which would also be subject to regulatory approval, represents an economic interest of 17.5% in Bital, one of the leading retail banks in the Mexican market. The transaction, when completed, will solidify ING's bancassurance strategy in Mexico.

Since 1998, ING has owned a 49% participation in a bancassurance joint venture with Bital, which enables ING to distributes insurance products through Bital's branches. The co-operation between ING and Bital dates back to 1997, when both companies established Afore Bital, one of the largest pension funds in Mexico. In October 2000, ING acquired Bital's interests in Afore Bital.

The intended investment is part of a capital-raising program by Bital. It is expected that institutional investors and Bital's current owners will participate in this program. ING anticipates the transaction will be completed in the second quarter of this year.

  Press enquiries:

  Joyce Hulst, Corporate Communications ING Group, + 31 20 541 5469
  Dianne Bernez, Corporate Communications ING Americas  + 1 770 618 3910
  Adriana Jaramillo, Edelman Public Relations _ Mexico +525 566 2822 ext.244

  NOTE FOR THE EDITOR:

ING's presence in Mexico: Besides the above-mentioned bancassurance joint venture and pension fund activities, ING acquired the insurance company Seguros Comercial America in 2001. With a 21% market share of the Mexican life and health insurance market and a 33% market share for property and casualty insurance, Comercial America is the largest insurance company in Mexico. Following the acquisition ING rebranded the company ING Comercial America. This rebranding also included Afore Bital. ING is also active in wholesale banking (ING Barings) and in asset management (ING Investment Management).

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SOURCE: ING Group

Contact: Joyce Hulst, Corporate Communications of ING Group,
+ 31 20 541 5469, or Dianne Bernez, Corporate Communications of ING Americas,
+ 1 770 618 3910, or Adriana Jaramillo, Edelman Public Relations - Mexico,
+525 566 2822 ext.244, for ING Group

Website: http://www.ing-usa.com/