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ING GROUP ACQUIRES INTEREST IN SVILUPPO FINANZIARIA, A LEADING ITALIAN FINANCIAL SERVICES GROUP

 ING GROUP ACQUIRES INTEREST IN SVILUPPO FINANZIARIA,
 A LEADING ITALIAN FINANCIAL SERVICES GROUP
 AMSTERDAM, the Netherlands, Dec. 20 /PRNewswire/ -- Internationale Nederlanden Group (ING Group) and the Italian financial group Finarte S.p.A. (Finarte) have reached agreement regarding a wide-ranging co-operation in the financial services markets in Italy.
 ING Group will acquire a 49 percent interest in Sviluppo Finanziaria S.p.A. (Sviluppo), a subsidiary of Finarte with an option to acquire a majority shareholding up to 51 percent within a period of two years. The total transaction will involve an amount of approximately US $42 million. Finarte remains a significant shareholder in Sviluppo and will continue to actively support the development of Sviluppo's activities.
 Sviluppo is a leading Italian financial services group, based in Milan, which offers a wide range of financial services to institutional investors and private customers such as capital market products, securities brokerage, asset management and merger and acquisition advisory services. As at November 1991, Sviluppo had assets under management of US $1.27 billion and managed nine unit trusts of which the 'In Capital Bond' unit trust is a market leader. Brokerage volumes in equities and fixed interest securities exceed US $42 billion annually. The Sviluppo Group has in recent years shown strong growth in revenue and profits and has a net asset value of approximately US $41 million. Sviluppo has a network of 700 exclusive agents who sell savings, insurance and other retail financial services products. ING Group will make its international expertise in the field of life insurance, fund management and private banking advisory services available to Sviluppo.
 Through its participation in Sviluppo, ING Group will enter the attractive


North Italian financial services markets. The Sviluppo network will provide a strong distribution channel for life insurance and investment products. Nationale-Nederlanden, the insurance subholding of ING Group will, subject to regulatory consents, establish an Italian life insurance operation for the sale of life insurance products.
 Sviluppo's joint-managing directors, Francesco Micheli, also chairman of Finarte, and Renato Preti, have expressed their firm intention, alongside ING Group, to build on the success of Sviluppo and they welcome the additional impetus ING Group will provide to Sviluppo.
 This transaction enables ING Group to apply its 'allfinanz' marketing concept in the Italian market. The transaction is in line with its strategy to make acquisitions which offer new opportunities to both the insurance and the banking operations.
 ING Group expects that the participation in Sviluppo and the establishment of a life insurance operation will make an attractive contribution to the group result in the medium term. This agreement is conditional inter alia on certain regulatory consents and the waiving of third parties' pre-emptive rights.
 -0- 12/20/91
 /CONTACT: Philip J. de Koning Gans, general manager of Corporate Affairs of the ING Group, 31-20-646-22-01, Dr. Francesco Micheli, chairman of Finarte S.p.A., 39-2-760-85-252, or Aad Debets, executive vice president of Nationale-Nederlanden North America Corporation, 202-393-2001/ CO: Internationale Nederlanden Group; Sviluppo Finanziaria ST: IN: INS SU: TNM


BR-TG -- AT005 -- 4338 12/20/91 11:53 EST
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Date:Dec 20, 1991
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