Swift, seamless integration and new alignment keeps ING positioned as a top U.S. retirement services provider

WINDSOR, Conn., July 29 /PRNewswire-FirstCall/ -- This month, ING marked the one-year anniversary of its acquisition of CitiStreet LLC, a $900 million deal which significantly expanded ING's footprint in the retirement industry and confirmed the company's status as a premier defined contribution plan provider and recordkeeper in the U.S.

Since the purchase last July, ING's US Retirement Services division has been leveraging the complementary strengths of each legacy business to enhance existing capabilities and create new opportunities. ING's extensive network of distribution partners and leadership in the education, government and smaller corporate markets, combined with the former CitiStreet's robust technology platform and expertise serving large institutional clients, now uniquely positions ING to meet the needs of all types of plan sponsors.

"The integration of ING and CitiStreet produced incredible synergies and opportunities for our business," said Catherine Smith, CEO of ING US Retirement Services. "Today, ING is one of the few companies with a scaled leadership presence across the entire defined contribution spectrum and the ability to offer retirement solutions for any size or type of plan sponsor we encounter. I'm extremely proud of the outstanding work our merged businesses have completed -- and continue to undertake -- as we help Americans prepare for a sound and secure retirement."

With the recent departure of Sandy McCarthy who ran the legacy CitiStreet business, ING has further streamlined its Retirement Services structure, while ensuring the institutional businesses remain focused under their current leadership model. Wayne Finnegan will continue to lead large corporate defined contribution and Brian Haendiges will continue to lead large corporate defined benefit, both reporting to Richard Mason, head of Corporate Markets for ING US Retirement Services. Bill Jasien will continue to lead the government business, reporting to Brian Comer, head of Health, Education & Government Markets for ING US Retirement Services.

"We remain committed to serving our valued customers and stakeholders in each segment with the focus and attention they require, specifically our large institutional clients that call for a unique service model," added Smith. "Moreover, this is a perfect opportunity to further integrate the organization and leverage the skills of our strong, existing leadership."

Integration Conducted with Discipline, Energy and Speed

Work to integrate CitiStreet into ING's Retirement Services operations after the acquisition in 2008 was executed quickly and efficiently. The transaction itself closed in approximately 60 days from signing, reflecting the complementary nature of the two businesses and the seamlessness of the transition.