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March 24, 2023

ING not pulling out of Romanian life insurance market

ING’s Romanian life insurance division dismissed yesterday the speculations concerning the possibility of pulling out of the Romanian life insurance market and pointed out that it currently “continues to focus on development plans, getting ready for a future separate of ING Bank,” a press communiqué informs. ING officials point out that “correct and real information concerning ING’s activities in Romania, as part of ING Group’s European division, is circumscribed to a basic scenario that entails the launch of an initial public offering (IPO), with the end goal of creating an independent business.” As recently redefined, the agreement reached by ING Group and the Netherlands with the European Commission on the reorganization plan initiated in 2009 offers the Group more time and flexibility to identify and adopt the best solutions in line with specific market conditions, the economic climate and concrete opportunities that exist in each region. In the case of the European division, the updated agreement entails that more than 50 per cent of the process should be over by the end of 2015, the remainder to be completed by the end of 2018.

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