Wednesday, June 18, 2008

ING to acquire pension fund Oyak Emeklilik for EUR 110mn.

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ING to acquire pension fund Oyak Emeklilik for EUR 110mn. Dutch financial services group ING announced that it reached an agreement with local Oyak Group to acquire 100% shares of pension fund Oyak Emeklilik for EUR 110mn. The deal is expected to be closed and booked in the second half of this year, according to ING. Oyak Group said in a separate statement that Oyak Emeklilik will be renamed in six months after the deal is closed. In June last year, In June last year, Oyak Group also agreed to sell its entire 100% stake in its lender unit Oyakbank to ING for a total consideration of EUR 2bn. The bank was later renamed to ING Bank Turkey . Oyak Emeklilik is already integrated within ING Bank Turkey . Founded in 2003, Oyak Emeklilik is the first and only voluntary pension fund in Turkey specifically established for private pension fund management, according to ING. The company has over 150,000 customers and 140 employees and distributes its products both through a network of independent agents and ING Bank Turkey . Oyak Emeklilik will be integrated in ING Insurance Central Europe within the first year after the closing of the transaction, the Dutch company informed in a press release.

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ING to acquire pension fund Oyak Emeklilik for EUR 110mn.

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