ING has announced an agreement with Reggeborgh Groep B.V. to acquire a 17.6% stake in Van Lanschot Kempen N.V., a wealth management firm primarily operating in the Netherlands and Belgium. This acquisition will increase ING's total stake in Van Lanschot Kempen to 20.3%, including its existing 2.7% holding.
Steven van Rijswijk, CEO of ING, stated, "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." He further added, "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."
The agreement includes ING directly acquiring a 7.2% stake initially, raising its ownership to 9.9%. The completion of the remainder of the transaction is pending regulatory approval. The deal is expected to have minimal impact on ING's CET1 ratio.