The Dutch financial services provider sold ING Trust to management and Foreman Capital, an independent investment company based in the Netherlands. Financial details of the transaction remain undisclosed.
The divestment of ING Trust is part of the group’s current strategy to focus on its core banking, insurance and asset management businesses. As of July 2, 2007, ING trust has been operating under a new brand, Orangefield Trust.
Separately, ING also announced that it has successfully closed the sale of Regio Bank to SNS Reaal.
While the sale of ING Trust will have no material impact on the results of the Dutch finance group, the Regio bank transaction will result in a net profit of approximately E25 million.
