ING closes sale of three of its U.S. broker-dealers
ING announced today that it has closed the sale of three of its U.S. independent retail broker-dealer units, which comprised three-quarters of ING Advisors Network, to Lightyear Capital LLC. ING did not disclose the terms of the agreement, which was previously announced on 3 November 2009.
The divested units include Financial Network Investment Corporation, based in El Segundo, Calif., Multi-Financial Securities Corporation, based in Denver, Colo., PrimeVest Financial Services, Inc., based in St. Cloud, Minn., as well as ING Brokers Network LLC, the holding company and back-office shared services supporting those broker-dealers, which collectively did business as ING Advisors Network.
ING will retain the remaining broker-dealer from the ING Advisors Network, ING Financial Partners, Inc., based in Des Moines, Iowa along with its other broker-dealer, ING Financial Advisers, Inc., based in Windsor, Conn. These broker-dealers are closely-affiliated and play a key role in ING’s strategy in the U.S.
The sale will not have a material impact on ING’s 2010 earnings.
Investor Relations inquiries
Bill Cokins, ING Group, +31 20 541 8607 or email@example.com
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services. As of 30 September 2009, ING served more than 85 million private, corporate and institutional clients in more than 40 countries. With a diverse workforce of about 110,000 people, ING is dedicated to setting the standard in helping our clients manage their financial future.
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