ING Group (ING) Acquires CitiStreet LLC for $900 Million
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ING Group (NYSE: ING) has received final regulatory approvals and today completed its acquisition of CitiStreet LLC, a retirement plan and benefit service and administration organizations in the US, which includes CitiStreet's Australian operations.
Under the terms of the agreement, ING acquired 100% of CitiStreet for a total consideration of approximately US $900 million. The acquisition was financed entirely from existing internal resources and will be booked in the third quarter.
In aggregate, the combined ING US Wealth Management and CitiStreet businesses, which includes CitiStreet's Australian operations, has more than US $408 billion in combined AUM and AUA and more than 16 million customers (as of March 31, 2008).
ING Groep N.V. is a global financial institution. The Company’s is a global financial services company providing banking, investments, life insurance and retirement services. [SM]
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