AMSTERDAM: ING announced today that it has reached an agreement with Reggeborgh Groep B.V. on the acquisition of a 17.6% stake in Van Lanschot Kempen N.V., a specialist wealth manager serving Private, Institutional and Investment banking clients, operating predominantly in the Netherlands and Belgium.
Together with an existing 2.7% stake, ING will hold a 20.3% stake in Van Lanschot Kempen after completion of the transaction.
“Van Lanschot Kempen is a respected, listed, well-capitalised, profitable wealth manager with a strong specialist position in amongst others the Netherlands and Belgium. Their history goes back almost three centuries. Acquiring this stake presents an attractive financial opportunity and with this transaction we are executing on our goal to enhance our position in private banking and wealth management,” said ING CEO Steven van Rijswijk.
“We see this transaction as a long-term financial investment and we support Van Lanschot Kempen’s management, recognising the strong progress in the execution of their strategy.”
Under the terms of the agreement, ING has directly acquired a stake of 7.2%, bringing its stake in Van Lanschot Kempen to 9.9%. The remainder of the transaction is subject to regulatory approval. The transaction is expected to have a minimal impact on ING’s CET1 ratio.