Voya Financial in Sale of ING National Trust and its Personal Trust Administration Business to Reliance Financial Corporation

Cleary Gottlieb represented Voya Financial in the sale of ING National Trust, and its personal trust administration business, to Reliance Financial Corporation, a financial, retirement and trust services company. The stock transaction signed on August 27, 2014 and closed on September 3, 2014, following which ING National Trust was merged with and into Reliance Trust Company of Delaware, a subsidiary of Reliance which provides personal trust services to clients of the nation’s largest brokerage firms and clearing houses, and ING National Trust’s national charter was surrendered. Immediately prior to the share sale, the retirement accounts business of ING National Trust was transferred to a newly formed subsidiary of Voya Financial, organized as a trust company under the laws of the State of Connecticut.

Based in Minneapolis, ING National Trust was a nationally chartered banking association and full-service trust company offering fiduciary services in all 50 states. Voya Financial, formerly known as ING U.S., is a premier retirement, investment and insurance company serving the financial needs of approximately 13 million individual and institutional customers in the United States. Voya Financial was spun off by the global financial institution ING Groep, N.V on May 2, 2013.