ING Group announced today that it has signed a letter of intent to acquire AZL, an independent Dutch provider of pension fund management services, for an amount of EUR 65 million.
The proposed acquisition of AZL will expand ING's pension fund management activities with a prominent provider of pension services including board advisory services, and actuarial services in combination with pension administration.
AZL manages approximately EUR 8 billion and 58 pension funds and other institutions that provide pension schemes for 455,000 people. The company employs 350 people.
Upon completion of the proposed acquisition, ING intends to combine its pension administration activities (currently under ING Pension Services) with AZL's. The joint pension activities will be operated under the AZL name.
The proposed transaction will have no material impact on the capital adequacy ratios of ING Group.
The acquisition is subject to applicable regulatory approvals and a positive advice from the respective works councils and is expected to be completed before the end of the second quarter of 2007.