Organisational changes at ING Real Estate

ING Group has announced a refined strategy. The strategy includes decisive action to reduce complexity and risk. In order to reduce complexity it will be separating the Bank and Insurer, under one Group umbrella.

As a result of the changes announced by ING Group will have the following consequences for ING Real Estate:

- Real Estate Finance and Real Estate Development to become part of ING Commercial Bank, as Wholesale Bank will be called in future

- Real Estate Investment Management to become part of a new ING-wide global investment management business, once it has been created.

By decoupling the three areas and aligning the businesses differently within the organisation we will maintain our specialist client models, while increasing our focus on reducing risk and capital exposure, particularly for Real Estate Development and Real Estate Investment Management.

These organisational changes will occur in 2009 as soon as it is practical.

source : ING Real Estate