Dutch banking group ING has agreed to acquire a 17.6% stake in wealth manager Van Lanschot Kempen from Reggeborgh Groep.
The companies did not reveal the deal consideration, though Bloomberg estimates its value at around €350m.
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The acquisition will increase ING’s interest in Van Lanschot Kempen to 20.3%, building on its existing 2.7% stake.
ING has initially secured a 7.2% stake in the wealth manager, with the remaining portion of the deal awaiting regulatory clearance.
Van Lanschot Kempen caters to private, institutional, and investment banking clients, primarily in the Netherlands and Belgium.
ING CEO Steven van Rijswijk said: “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.
“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.”
ING projects the deal to have a “minimal” effect on its Common Equity Tier 1 (CET1) ratio.
In January this year, the Dutch bank struck a deal to sell its business in Russia to Global Development JSC, a Russian company owned by a Moscow-based financial investor with experience in factoring services.
Global Development will take over all shares of ING Bank (Eurasia) JSC, including onshore activities and staff, with plans to rebrand and continue serving customers in Russia.
The transaction is pending regulatory approvals and slated for completion in the third quarter of 2025.
