NN Investment Partners and ING Bank Śląski strengthen partnership in Poland

18/12/18

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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About the author

Satish Bapat

Satish Bapat

CEO NN Investment Partners, Member of the Management Board NN Group

Previous work experience: Satish Bapat was appointed as CEO of NN Investment Partners (NN IP) and member of the Management Board of NN Group as of 1 April 2017. Satish has been CEO of NN Life Japan since 2013. From 2011 to 2013, he held the position of CEO Asia Pacific and Global CFO for ING Investment Management. Satish began his career at Deloitte Touche in the USA, subsequently working at TNT N.V, ABN Amro Asset Management, Robeco Asset Management and the Royal Bank of Scotland. He has over 20 years’ experience in the financial services industry, both in and outside of the Netherlands.

Education: Satish Bapat holds a Master’s of Business Administration degree in Finance from the Temple University of Philadelphia (USA) and a Bachelor’s in Accounting degree from the University of Bombay (India). He is a Public Accountant (USA).

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