ING receives approval to start life insurance in Ukraine

ING announced today that is has received approval from the relevant authorities to start life insurance operations in the Ukraine. This will allow ING to enter the fast growing life insurance market in a country with over 46 million inhabitants and a rapidly growing middle class. ING considers Ukraine to be an attractive emerging market, with strong growth indicators and a huge potential.

Jacques de Vaucleroy, member of the Executive Board of ING Group, responsible for Insurance Europe said: "Starting this life insurance greenfield is in line with ING's sharpened strategic focus on banking, investments, life insurance and retirement services. Our aim is to build a leading position in the fast growing Ukrainian life insurance market. I am confident that by utilizing our experience in setting up successful operations in other countries in Central and Eastern Europe we will be able to make a swift and efficient start."

ING expects to launch its activities in the first half of 2009. The head office of the new life insurance company will be located in Kiev and will be headed by Veronika Korolev as Chief Executive Officer. ING has been present in the Ukrainian market since 1994 and offers leasing and wholesale banking services. Last month ING started with the rollout of a retail banking network, aiming to become one of the top 5 retail banks in Ukraine by expanding to a nationwide distribution network of over 250 outlets.

news source : http://www.euronext.com/