ING buys German direct bank Entrium

ING buys German direct bank Entrium

Dutch bank ING has signed a letter of intent with Fineco/Capitalia of Italy to acquire Entrium, Germany's second largest direct bank, in a transaction valued at EUR300 million.

ING is acquiring Entrium through its 70% owned subsidiary DiBa, the oldest and largest direct bank in Germany. The transaction is expected to close in the spring of 2003.

Entrium provides DiBa with considerable additional product expertise as well as scale in online stock brokerage, mutual funds and consumer loans. Complementary to DiBa's centres in Frankfurt and Hannover, Entrium's Nurnberg datacentre provides the necessary capacity for the two banks' continued growth in the German market.

Hans Verkoren, global head of ING Direct, says: "Entrium and DiBa make an excellent strategic fit ,and we are planning to integrate the two companies as quickly as possible to realize the full market potential."

DiBa has 1.9 million customers and EUR21 billion in funds entrusted. The acquisition of Entrium creates a joint customer base of approximately 3 million clients and EUR28.1 billion in assets. Worldwide, ING Direct has now more than 6 million clients.

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