6/18/2008

ING buying Turkish fund Oyak Emeklilik

Reuters - ING Groep NV said on Tuesday it is buying Turkish voluntary pension fund Oyak Emeklilik for 110 million euros ($171 million) as it continues to expand its presence in Turkey and other emerging markets.ING, which bought Turkey's Oyak Bank in the past year, said in a statement it will finance the acquisition entirely through existing internal resources. Jacques de Vaucleroy, the ING executive in charge of its European insurance business including investment management, said the deal provides "a unique opportunity to expand our footprint and extend our product offering in the fast growing Turkish market". The acquisition will close and be booked in the second half of this year, ING said. Oyak Emeklilik is the "first and only voluntary pension fund in Turkey", according to ING, and has more than 150,000 customers and 140 employees, with products distributed through agents and ING Bank Turkey, formerly Oyak Bank.