ING Bank Śląski | Annual Report 2014

ING BANK ŚLĄSKI

ING BANK ŚLĄSKIAnnual Report 2014

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23. Investments in associated entities recognised under the equity method

The Group held 20% shares in ING Powszechne Towarzystwo Emerytalne S.A. (ING PTE). In Q2 2014, the Group perent company and ING Continental Europe Holdings B.V. entered into a non-binding agreement (Letter of Intent) regarding the sale of these 20% shares. 

Per Group’s assessment, the criteria for classification to assets held for sale listed in IFRS 5.6-8 have been met. As a result, in its financial statements as at 31 December 2014, the Group reclassified the assets from invetments in associated entities recognised under the equity method to assets held for sale. 

On 10 February 2015, the Share Purchase Agreement concerning shares of ING PTE held by the Group for the benefit of ING Continental Europe Holdings B.V. was signed. The transaction was described in Chapter VI. Notes to the Consolidated Financial Statements, item 49. Significant events after the balance sheet date.

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