ING Group announced on may 14 that it has reached a final agreement to sell Regio Bank to SNS REAAL for a purchase price of EUR 50.5 million.
As previously announced on 4 December 2006, the transaction will result in a net profit of about EUR 25 million for ING Group and an increase of 3 basis points on the Tier-1 ratio of ING Bank N.V.
Regio Bank was established in 1927 when it was founded as the Nederlandse Middenstands Spaarbank (NMS). NMS became part of ING through the merger between NMB-Postbank and Nationale Nederlanden in 1991 and was rebranded to Regio Bank in 1996.
The transaction is subject to approval of the relevant authorities and is expected to be closed at the first of July 2007.
ING is a global financial institution of Dutch origin offering banking, insurance and asset
management to over 60 million private, corporate and institutional clients in over 50 countries.
With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the ING brand.