ING Buys €350 Million Stake in Wealth Firm Van Lanschot Kempen
ING Groep NV has agreed to acquire a minority stake in Dutch private bank Van Lanschot Kempen N.V. in a bid to expand its position in wealth management.
The Netherlands' largest bank will acquire a 17.6% stake in the 's-Hertogenbosch, Netherlands-based firm, it said in a statement on Monday. The deal is valued at €346.9 million ($361 million), according to Bloomberg calculations based on Friday's closing price. Together with an existing 2.7% stake, ING's holding is set to rise to 20.3%.
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