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ING to purchase Dutch pension provider

The Netherlands-based financial institution ING Group has entered into an agreement to acquire independent Dutch pensions fund management company AZL for E65 million.

The proposed purchase will expand ING’s pension fund management activities with a prominent provider of pension services including board advisory services, and actuarial services in combination with pension administration.

AZL manages approximately E8 billion and 58 pension funds, and other institutions that provide pension schemes for 455,000 people.

Once the acquisition has finalized, ING intends to amalgamate its pension administration activities with AZL’s, to be operated under the AZL name.

The transaction is subject to regulatory approval and scheduled for completion during the second quarter of 2007.