18 March 2003 12:00am

ING said in its annual report that it recorded a "net result" of €469 million from its funds management joint venture in Australia and New Zealand with ANZ Bank, ING Australia. ING holds 51 per cent of this business and ANZ 49 per cent. ING separately owns 100 per cent of the investment management business that undertakes the money management for the joint venture.

ING said that of the €469 million net result, that it used €247 million for financing acquisitions, and recorded this result as "non-operational profit". The group said it recorded the balance of €222 million as...