ING has acquired a significant stake in the Dutch private bank and asset manager Van Lanschot Kempen, which is also a top-ten player in Belgium’s private banking market.
The financial group has purchased a 17.6 percent stake from investor Reggeborgh, though the financial details have not been disclosed. According to Bloomberg estimates, the stake is valued at around 350 million euros.
"Van Lanschot Kempen is a respected, publicly traded, well-capitalized, and profitable asset manager with a strong specialist position in the Netherlands and Belgium", says ING CEO Steven van Rijswijk. He sees this investment as an ‘attractive financial opportunity’ for ING to expand in wealth management.
Banking sector sees Increased M&A activity
Recently, banks have been actively seeking acquisitions. ING, ABN AMRO, and Rabobank have all confirmed they are exploring market opportunities. Internationally, Italy’s Monte dei Paschi di Siena has made a bid for its larger rival Mediobanca, while UniCredit has been pursuing Germany’s Commerzbank for several months.
ING already held a 2.7 percent stake in Van Lanschot Kempen, and with this deal, its total stake exceeds 20 percent. Initially, ING directly acquired 7.2 percent, bringing its current holding to 9.9 percent. The remainder of the transaction requires regulatory approval, which is expected to take several months.
Van Lanschot Kempen, listed on Euronext Amsterdam, is the Netherlands' oldest independent financial institution, dating back to 1737. ING considers this a long-term investment and has expressed support for the asset manager’s current leadership.
Read also: Delen Private Bank completes sixth acquisition in the Netherlands
