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ING Group: ING Vysya Bank completes merger with Kotak Mahindra Bank

The merger between ING Vysya Bank (Vysya) and Kotak Mahindra Bank (Kotak) has
today been completed. The combined entity has a strengthened position as one
of India's leading privately held banks, with a wider geographical spread and
enhanced expertise across customer segments and product categories. ING will
continue to service its Indian clients outside of India and will support its
global clients operating in India through the larger combined platform. ING
and Kotak have also established an active dialogue with respect to additional
areas of cooperation across a broad range of products.

Vysya and Kotakannouncedtheir intention to merge their respective businesses
on 20 November 2014. On 31 March 2015 the Reserve Bank of India has approved
this transaction with effect from 1 April 2015.

ING was the largest shareholder in Vysya with a shareholding at the time of
announcement of the merger of 42.7%. Under the terms of the transaction as
announced on 20 November 2014, shareholders of Vysya will receive 0.725
shares in Kotak for each Vysya share. ING will hold a stake of 6.5 % in the
combined company, which will operate under the Kotak brand. ING's holding in
the combined company will be subject to a 1 year lock-up period from the
closing of the transaction.

Based on Vysya's book value as per 31 December 2014, the gain on this
transaction will be approximately EUR 450 million. The majority of this will
be reflected in the net profit of the second quarter of 2015. The increase in
net profit compared to the earlier announced EUR 150 million net profit is a
result of the increase in the share price of Kotak since the date the
transaction was announced, as well as positive currency impact.

As of 1 April, the legal entity ING Vysya Bank Ltd has ceased to exist. Vysya
was established over 80 years ago, offering retail, private and wholesale
banking products. In 1999 ING Bank's predecessor Bank Bruxelles Lambert
acquired an equity stake in Vysya which ING increased in 2002 to around the
level of the 42.7% shareholding which ING still held at the time of the
announcement of the merger with Kotak. In 2002, ING also formed an Insurance
joint-venture with Vysya, in which ING sold its interest in 2013.

| Press enquiries Investor enquiries |
| Carolien van der Giessen ING Group Investor Relations |
|+31 20 576 6386 +31 20 576 6396 |
| |

ING is a global financial institution with a strong European base offering
banking services through its operating company ING Bank and holding a
significant stake in the listed insurer NN Group NV. The purpose of ING Bank
is empowering people to stay a step ahead in life and in business. ING Bank's
53,000 employees offer retail and commercial banking services to customers in
over 40 countries.
ING Group shares are listed (in the form of depositary receipts) on the
exchanges of Amsterdam (INGA NA, ING.AS), Brussels and on the New York Stock
Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING's corporate strategy, which is
evidenced by ING Group shares being included in the FTSE4Good index and in
the Dow Jones Sustainability Index (Europe and World) where ING is the
industry leader in the diversified financials group.

| |
|Certain of the statements contained in this document are not historical facts, |
|including, without limitation, certain statements made of future expectations |
|and other forward-looking statements that are based on management's current |
|views and assumptions and involve known and unknown risks and uncertainties |
|that could cause actual results, performance or events to differ materially |
|from those expressed or implied in such statements. Actual results, |
|performance or events may differ materially from those in such statements due |
|to, without limitation: (1) changes in general economic conditions, in |
|particular economic conditions in ING's core markets, (2) changes in |
|performance of financial markets, including developing markets, (3) |
|consequences of a potential (partial) break-up of the euro, (4) the |
|implementation of ING's restructuring plan to separate banking and insurance |
|operations, (5) changes in the availability of, and costs associated with, |
|sources of liquidity such as interbank funding, as well as conditions in the |
|credit markets generally, including changes in borrower and counterparty |
|creditworthiness, (6) the frequency and severity of insured loss events, (7) |
|changes affecting mortality and morbidity levels and trends, (8) changes |
|affecting persistency levels, (9) changes affecting interest rate levels, |
|(10) changes affecting currency exchange rates, (11) changes in investor, |
|customer and policyholder behaviour, (12) changes in general competitive |
|factors, (13) changes in laws and regulations, (14) changes in the policies |
|of governments and/or regulatory authorities, (15) conclusions with regard to |
|purchase accounting assumptions and methodologies, (16) changes in ownership |
|that could affect the future availability to us of net operating loss, net |
|capital and built-in loss carry forwards, (17) changes in credit-ratings, |
|(18) ING's ability to achieve projected operational synergies and (19) the |
|other risks and uncertainties detailed in the risk factors section contained |
|in the most recent annual report of ING Groep N.V. |
| |
| |
| |
|Any forward-looking statements made by or on behalf of ING speak only as of |
|the date they are made, and, ING assumes no obligation to publicly update or |
|revise any forward-looking statements, whether as a result of new information |
|or for any other reason. This document does not constitute an offer to sell, |
|or a solicitation of an offer to buy, any securities. |

pdf version of press release


This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: ING Group via Globenewswire


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