| Decision | Consent granted Section 13(1)(a) Overseas Investment Act 2005 |
|---|---|
| Decision date | 29 October 2009 |
| Investment | An overseas investment in significant business assets, being the Applicant's acquisition of rights or interests in up to 100.0% of the ordinary fully paid shares of ING Australia Limited, the value of the assets of ING Australia Limited and its 25% or more subsidiaries being greater than $100m. |
| Consideration | Approximately $150,000,000 |
| Applicant | Australia and New Zealand Banking Group Limited United States of America (100.0%) |
| Vendor | ING Insurance International B.V. United Kingdom (26.0%) United States of America and Canada (25.0%) Netherlands (20.0%) Luxembourg (10.0%) Belgium (7.0%) Various (6.0%) Switzerland (6.0%) |
| Background | Australia and New Zealand Banking Group Limited (ANZ) and ING Insurance International B.V. (ING Insurance) currently control an incorporated joint venture in Australia, ING Australia Limited (ING Australia), which is an Australian based financial services provider. ING Insurance has agreed to sell its 51% shareholding in ING Australia to ANZ. ING Australia indirectly holds certain New Zealand assets, principally through ING (NZ) Administration Pty Limited in its capacity as trustee of funds offered to the public in New Zealand. The proposed investment will enable ING Insurance to end its involvement in ING Australia and enable ANZ to acquire full ownership in ING Australia thus expanding its wealth management business. The overseas investment transaction has satisfied the criteria in section 18 of the Overseas Investment Act 2005. |
| More information | James Clark Russell McVeagh (Wellington) PO Box 10-214 WELLINGTON |