ING In Talks to Acquire Majority Stake in Segcoam

May 8, 2001

Holland’s ING Group is in talks with Savia, Mexico’s troubled financial services and technology group, to acquire its controlling interest in Seguros Comercial America, Mexico’s largest insurance company.

ING already has a vested interest in Segcoam through its investments in Savia and its subsidiary companies. It has a 49 percent stake in a joint venture that holds the majority interest in the company, and last year ING paid $555 million to acquire a direct 41.5 percent stake in it.

No further details have been released, but Savia is seeking to bolster its cash position after posting a $315 million net loss last year. One of ING’s announced goals, following its acquisition of ReliaStar and of Aetna’s International and financial units, is further expansion in Latin America.

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