The deal, which is of undisclosed value, was signed on 27 February. The agreement will see ING, which turned to Pinheiro Neto, give up its 45 per cent interest in Sul’s holding company Sulasapar, advised by BM&A. Sulaspar’s other shareholder, the Larragoiti family, will increase its indirect stake from 55 per cent to 100 per cent. The deal was structured to allow ING to keep a 30 per cent direct stake Sul América.

 

The transaction forms part of a restructuring plan agreed between ING and the European Commission, which requires the bank to divest its insurance operations around the world as part of the conditions for its bailout by the Dutch government following the 2008 crisis. 

 

Under the same plan, ING sold off a suite of Latin American assets for US$3.8 billion to Colombia’s Grupo Sura in 2011, as well as a stake in Peruvian life insurance company InVita Seguros de Vida to Grupo Wiese at the same time. For those deals, ING was advised by the Paris office of Sullivan & Cromwell LLP, Colombia’s prietocarrizosa, Mexico’s Galicia Abogados, Carey in Chile, Guyer & Regules in Uruguay, and Rodrigo, Elías & Medrano Abogados in Peru. 

 

Counsel to Sulasapar Participações and Sul América

 

Barbosa Müssnich & Aragão

 

Partner Henrique Beloch and associate Adriano Carneiro

 

Counsel to ING

 

Pinheiro Neto Advogados

 

Partner Fernando Alves Meira and associates Gustavo Paiva Cercilli Crêdo and Arthur Prandato Buzatto

 

(Source: LatinLawyer)

 

ING Groep also had a branch office on Curacao .  ING Bank (Curaçao) N.V., founded in 1977, operated as a subsidiary of ING Private Banking. The office was closed down end of 2011.

 

Related articles:

- ING cuts stake in Brazil insurer SulAmérica

- Grupo Sura bags ING assets