Landmark is the 12th largest asset manager in the country with around E6.9 billion in assets under management as of May 31, 2007. The takeover will increase the debt/equity ratio of ING Insurance by 65 basis points.

Subject to regulatory approval, ING intends to integrate Landmark with its recently established asset management business, ING Investment Management Korea. Once completed, ING will be among the top 10 asset managers in the market, with combined assets under management of more than E10 billion and a 3.7% market share.

Furthermore, the purchase will also give the Dutch group a solid asset management presence in one of its core Asia Pacific markets, and complement its life insurance business in Korea. The deal allows ING to tap into the independent asset manager’s large and diversified distribution network of commercial banks and brokerage firms to offer a complete suite of onshore and offshore investment management products and services.

Hans van der Noordaa, member of the executive board of ING Group, responsible for Insurance Asia Pacific, stated: This acquisition is in line with ING’s organic growth strategy of pursuing carefully selected add-on acquisitions to strengthen our position in Asia Pacific. Integration of Landmark with ING Investment Management and ING’s existing strengths in the Korean wealth management market will provide ING with a base from which we can achieve our growth ambitions in Korea which is one of Asia’s largest asset management markets with an annual growth rate of 20%.

Financial details of the transaction remain undisclosed.