ING Buys 17.6% Stake in Wealth Firm Van Lanschot Kempen

ING, a Dutch multinational banking and financial services corporation headquartered in Amsterdam, on Monday announced 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.

The deal is said to be around $364 million and together with an existing 2.7% stake, ING will hold a 20.3% stake in Van Lanschot Kempen, which is operating predominantly in the Netherlands and Belgium, after completion the transaction, ING said.

ING CEO Steven van Rijswijk said that Van Lanschot Kempen is a respected, listed, well-capitalised, profitable wealth manager with a strong specialist position in amongst others the Netherlands and Belgium.

He said that their history goes back almost three centuries and acquiring this stake presents an attractive financial opportunity and with this transaction they were executing on their goal to enhance ING’s position in private banking and wealth management.

“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,” Rijswijk said.

Minimal Impact on ING’s CET1 Ratio

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 Common Equity Tier1 (CET1) ratio.

ING is a global financial institution with a strong European base, offering retail and wholesale banking services to customers in over 100 countries. The company is committed to sustainability and has been recognised for its strong management of ESG material risk.