ANZ Bank to Buy Rest of ING Venture for $1.5 Billion
Australia & New Zealand Banking Group Ltd. agreed to buy ING Groep NV’s stake in their life insurance and wealth-management venture for A$1.76 billion ($1.5 billion) in the bank’s biggest acquisition since 2003.
Australia’s fourth-biggest lender will pay cash for ING’s 51 percent stake in ING Australia and ING New Zealand, the Melbourne-based bank said in a statement today. Amsterdam-based ING, which received a 10 billion euro ($14.6 billion) lifeline in October from the Netherlands, will book a profit of 300 million euros from the sale, it said in a statement.
Originally posted on Bloomberg