NN Investment Partners and ING Bank Śląski strengthen partnership in Poland
NN Group today announces that it has reached an agreement to strengthen the long-term partnership between NN Investment Partners (NN IP) and ING Bank Śląski S.A. in Poland. Under this agreement, ING Bank Śląski will acquire a 45% stake in NN IP in Poland for a total consideration of approximately EUR 41 million, and will distribute NN IP investment funds to the Polish retail market through its extensive branch network.
Satish Bapat, CEO NN IP: ‘The partnership will further strengthen our position in the Polish market and will support our growth strategy of attracting third-party assets. NN IP and ING Bank Śląski will jointly offer investment funds to ING’s retail client base and also provide pension solutions for ING’s corporate and individual clients.Together we are well positioned to continue to build a strong and sustainable business in Poland.’
The transaction is not expected to have a material impact on the operating result and Solvency II ratio of NN Group. The transaction is subject to regulatory approval, and is expected to close in the first half of 2019.
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