ING to sell Regio Bank to SNS Reaal
Amsterdam, 4 December 2006
ING announced today that it has signed a Memorandum of Understanding with SNS Reaal to sell Regio Bank for EUR 50.5 million.
Regio Bank services its clients through 380 franchises in the Netherlands and currently has 110 employees. ING will focus on its Dutch insurance and retail banking business through its primary sales channels of Nationale-Nederlanden, Postbank, ING Bank, Westland Utrecht and RVS.
For ING Group, the intended transaction is expected to result in a net profit of about EUR 25 million and an increase of 3 basis points on the Tier-1 ratio of ING Bank NV. Regio Bank posted EUR 5.1 million profit before tax and had total assets of EUR 3 billion as of year-end 2005. The transaction is subject to regulatory review and advice of the works council and is expected to close in the first quarter of 2007.
Regio Bank was established in 1927 when it was founded as the Nederlandse Middenstands Spaarbank (NMS). NMS became part of ING through the merger between NMB-Postbank and Nationale-Nederlanden in 1991 and was rebranded to Regio Bank in 1996.
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in over 50 countries. With a diverse workforce of about 114.000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.
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