ING agrees to sell Williams de Broe to Evolution

ING Group has reached an agreement to sell its UK wealth management and stock market brokerage unit Williams de Broe for E22 million to Evolution Group.

The transaction has received preliminary regulatory approvals and will take immediate effect.

The sale is part of ING Group’s strategy to focus on core businesses. The transaction is expected to result in a loss of approximately E20 million after tax, to be booked in the second quarter.

Bank Brussels Lambert originally bought a majority stake in Williams de Broe in 1986, and BBL was acquired in turn by ING Group in 1998.

Williams de Broe is based in London, with offices in Birmingham, Leeds, Guildford, Edinburgh and Geneva, and has about 250 employees.