ING will own 49% of Brazilian Sul America, pending shareholder approval. ING will participate in Sul America's Insurance arena, and the two firms' asset management busines will be merged.

"Both Sul America and ING firmly believe that the expansion of this partnership stems from the ever-growing potential of the Brazilian economy and the opportunities foreseen in this market," stated Patrick de Larragoiti Lucas, chairman and ceo of Sul America. "The strong bond that exists between our two companies has already been tested in our previous alliance in the health, life and pension businesses. The merger of the international financial and local market expertise of both partners enhances the quality of services and products offered to our Brazilian customers and brokers. The merger of both asset management divisions will strengthen this business." 

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