ING today announced it has finalised its acquisition of a 49% interest in Sul AmÃ©rica, one of the leading insurance companies in Brazil. With an overall market share of 19% Sul AmÃ©rica serves approximately 7 million clients.
ING announced on 26 March 2002 it would enter into a joint venture with Sul AmÃ©rica that would include both companiesÂ' insurance, asset management, life and pension businesses in Brazil.
As a result of the transaction INGÂ's total investment in Sul AmÃ© rica consists of approximately USD 160 million in cash, plus its 49% stake in SulAet (a joint venture formed in 1997) as well as its asset management operations (ING Investment Management Brazil). The implied value of the transaction will not be disclosed.
(source: ING Group)