ING announced today that it has closed the transaction to acquire Oyak Bank. As previously announced on 19 June 2007, ING reached an agreement with Oyak Group to acquire 100 per cent of the shares in Oyak Bank for an amount of USD 2.673 billion.

Founded in 1984, Oyak Bank is a leading bank in the Turkish market with 5900 employees and a market share of approximately 3%. It offers a full range of banking services with a focus on retail banking. The bank has 1.3 million active retail customers and 13,500 SME customers. In total it has 365 branches throughout Turkey, with a good representation in all major cities.

The transaction will be booked in December 2007. The transaction is expected to result in a decrease in the Tier 1 ratio of ING Bank NV of approximately 50 basis points and will have no impact on the ongoing share buy-back programme.


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Nanne Bos
ING Group
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