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UNITED STATES/
Canada's largest provider of property and casualty insurance is now a
widely held Canadian company

TORONTO, Feb. 19 /CNW/ - ING Canada Inc. (TSX: IIC) announced today the completion of the private placement whereby a number of institutional investors have bought 36.2 million shares of ING Canada from ING Insurance International B.V. a wholly-owned, indirect subsidiary of ING Groep N.V., for approximately $904 million. ING Canada also announced the completion of a bought deal secondary offering for an additional 47.8 million of shares for approximately $1.258 billion bringing the total gross proceeds to ING Groep to $2.163 billion. As a result of the closing of these two transactions ING Groep no longer owns any shares of the company.

ING Canada is now an independent and widely held company. Based on yesterday closing price of $28.70 per share, the company's public float amounts to $3.441 billion and now qualifies the company for inclusion in the S&P/TSX 60 index.

According to Charles Brindamour, president and CEO of ING Canada, "for the first time in recent history, a Canadian-listed and widely-held company will assume the leadership position of the home, auto and business insurance industry in the country. The company and its 6,700 employees now have the complete flexibility to build upon their industry leadership, scale, expertise and strong financial position to pursue its core strategies and the growth opportunities that may arise as a result of the current market conditions."

ING Canada will unveil in the next few days the new name of its ING Insurance subsidiary, Canada's largest auto, home and business insurance company. "By becoming a truly Canadian and independent organization", said Brindamour, "we have the unique opportunity to market a new brand that will reinforce our customer orientation."

ING Canada has a proven track record of long term industry out-performance. In 2008, ING Canada operations generated $620 million in cash and at the end of the year, the company had $427.5 million in excess capital, a minimum capital test of 205% and no debt.

These transactions will not affect ING Groep's current ownership of ING Bank of Canada, known as ING DIRECT, which is a separate and distinct company from ING Canada.

The secondary offering was led by CIBC World Markets Inc. and TD Securities Inc., and included a syndicate of underwriters. CIBC World Markets Inc. and Goldman, Sachs & Co., acted as agents in connection with the private placement.

The common shares to be offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended ("U.S. Securities Act"), and may not be offered or sold in the United States or to or for the account or benefit of U.S.