OREANDA-NEWS.  ING announced today that it has completed a transaction to reduce its stake in Brazilian insurance holding Sul America S.A., as previously announced on 28 February 2013. Under the terms of that transaction, ING agreed to sell a stake in SulAmйrica of approximately 7% to the Larragoiti family, swap its remaining indirect stake for tradable units, and unwind the existing shareholder’s agreement. As previously announced, the transaction does not have a material impact on ING Group results.

SulAmerica is the largest independent insurance group in Brazil, with operations in several insurance lines. Its business lines are supported by diversified distribution capabilities including a network of more than 30,000 independent insurance brokers and partnerships with more than 20 financial- and retail institutions, adding a further 16,000 points of sale.