ING Group has received an offer from Barclays Bank to acquire the wealth business of ING Securities Bank (France), consisting of ING Ferri and ING Private Banking. If all goes to plan, the acquisition is expected to be completed at the end of the second quarter of this year.
ING has entered into exclusive discussions with Barclays to finalize terms. The acquisition would combine the two complementary banking businesses in France and create an operation with over 50 branches, 140,000 clients and E10 billion of assets under management.
We believe that these discussions are in the best interest of all our customers and we are convinced that this project will ensure the future of the concerned retail and private banking activities said Eli Leenaars, member of the executive board of ING Group responsible for Retail Banking.
Leenaars added: ING Group is not pulling out of the mass retail market in France with this sale. Our retail strategy in France will concentrate on ING Direct, who recently acquired the saving activities of Egg France.
The ING businesses are attractive to Barclays, which is in the process of exploring opportunities to expand its business outside the UK.
Commenting on the discussions, David Roberts, Barclays’ head of international retail and commercial banking, said that the French wealth management market is one of the most attractive sectors in Europe. The purchase of the ING businesses would increase Barclay’s share in France by 25%.