ING has closed all five transactions to acquire 100% of Banco Santander's pension and annuity businesses in Mexico, Chile, Colombia, Uruguay and Argentina, for $1.6 billion.

With the closing of these five transactions, ING has doubled its pension assets under management in Latin America to more than E35 billion, and expects to double this figure again by 2011. ING’s customer base in the region has increased to approximately 22 million customers.

Tom McInerney, executive board member and CEO for ING Insurance Americas said: Completing this transaction is a major accomplishment for ING’s growth strategy. ING Insurance looks forward to solidifying its position in Latin America through a combination of organic growth and strategic opportunities in its wealth management core competency. We officially welcome our new employees and affiliates to ING.