Washington, DC 20549
____________
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For November 22, 2004
ING Groep N.V.
Amstelveenseweg 500
1081-KL Amsterdam
The Netherlands
Indicate
by check mark whether the registrant files or will file annual reports under cover of
Form 20-F or Form 40-F.
| Form 20-F X | Form 40-F _____ |
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to rule 12g3-2(b) under the Securities Exchange Act of 1934.
| Yes _____ | No X |
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b):
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This Report contains a copy of the following:
(1) The Press Release issued on November 22, 2004
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Amsterdam / London • 22 November 2004
ING Group agrees to sell Baring Asset Management
| • • |
MassMutual to buy BAM'S Investment management activities Northern Trust to buy BAM’s Financial Services Group |
ING Group has reached an agreement to sell the activities of Baring Asset Management as part of its ongoing strategy to actively manage its portfolio and focus on core businesses.
Under the agreement, U.S.-based MassMutual Financial Group will purchase the investment management activities of Baring Asset Management. The activities include about EUR 26 billion ($32 billion) in assets under management and a team of about 100 investment professionals operating from a network of 11 offices world-wide.
Northern Trust Corp., based in Chicago, will purchase Baring Asset Management’s Financial Services Group, which offers fund administration, custody and trust services. The business had about EUR 51 billion in funds under administration, EUR 23 billion in custody, and EUR 26 billion held in trust as of 30 September 2004. It operates from offices in London, Guernsey, Dublin, the Isle of Man and Jersey.
All of Baring Asset Management’s employees will transfer to the buyers, with 600 transferring to MassMutual and 770 to Northern Trust. David Brennan, Chairman and CEO of Baring Asset Management, will retain his responsibilities for the investment management activities to be acquired by MassMutual.
For ING Group, the sales will result in a net gain of about EUR 250 million at closing. It will also have a positive impact on ING’s debt/equity ratio of 80 basis points. The transactions are subject to applicable regulatory approvals and are expected to be completed before the end of the first quarter of 2005.
| Press
enquiries: ING Group, The Netherlands Dorothy Hillenius, +31 20 541 6522, dorothy.hillenius@ing.com |
ING
is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 60 million private, corporate and institutional clients in more
than 50 countries. With a diverse workforce of over 112,000 people, ING comprises
a broad spectrum of prominent companies that increasingly serve their clients
under the ING brand.
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Note to editors:
MassMutual Financial Group – comprised of member companies with nearly $300
billion of assets under management as of June 30, 2004 – is a global,
growth-oriented, diversified financial services organization providing life
insurance, annuities, disability income insurance, long-term care insurance,
retirement planning products, structured settlement annuities, trust services,
money management, and other financial products and services. The MassMutual
Financial Group is a marketing name for Massachusetts Mutual Life Insurance
Company and its affiliates, which include: OppenheimerFunds, Inc.; Babson
Capital Management LLC; Cornerstone Real Estate Advisers LLC; MML Investors
Services, Inc.; The MassMutual Trust Company, FSB; Antares Capital Corporation;
MML Bay State Life Insurance Company; C.M. Life Insurance Company; and
MassMutual International, Inc. MassMutual is on the Internet at
www.massmutual.com.
Northern Trust Corporation
(Nasdaq: NTRS) is a leading provider of investment management, asset and fund
administration, fiduciary and banking solutions for corporations, institutions
and affluent individuals worldwide. Northern Trust, a multibank holding company
based in Chicago, has a growing network of offices in 15 U.S. states and has
international offices in six countries. As of September 30, 2004, Northern Trust
had assets under administration of $2.4 trillion, assets under investment
management of $535 billion. Northern Trust, founded in 1889, has earned
distinction as an industry leader in combining high-touch service and expertise
with innovative products and technology. For more information, visit
www.northerntrust.com.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| ING Groep N.V. (Registrant) |
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| By: | /s/ H. van Barneveld |
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| H. van Barneveld General Manager Corporate Control & Finance |
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| By: | /s/ C.F. Drabbe |
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| C.F. Drabbe Assistant General Counsel |
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Dated: November 22, 2004
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