ING Direct to acquire US online brokerage to support further growth
ING Direct announced today that it has reached an agreement with
ShareBuilder Corporation to acquire its online brokerage business for
USD220 million (EUR152 million) to extend its retail investment
products range and geographical spread in the US. The impact of this
acquisition is equivalent to 27 bps of the debt equity ratio of ING
Under the terms of the agreement, ING DIRECT USA, the largest direct
bank in the US, will acquire 100% of ShareBuilder Corporation's
outstanding equity-related interests. ShareBuilder is a
privately-held Seattle-based brokerage company with a low-cost,
direct business model. Like ING DIRECT USA, ShareBuilder targets
early stage investors through a limited set of simple and high-value
investment products including Stocks, Exchange Traded Funds, Options
and Automatic Investment Plans.
Dick Harryvan, ING Group Executive Board member and CEO of ING Direct
said, "This acquisition is in line with ING Direct's aim to become
the world's most preferred consumer bank by expanding geographically
and developing its product range, while focusing on growing its
mortgage business and investment services."
ING DIRECT USA looks to meet the complete financial needs of the
American investor. This transaction will add cost-effective
investment options to ING DIRECT's consumer product offerings, which
currently include online savings, payment accounts and home
mortgages. ING DIRECT USA will absorb 661,000 of ShareBuilder's
customers (as of 30 September 2007), helping ING Direct reach its 20
millionth customer worldwide.
Arkadi Kuhlmann, President and CEO of ING DIRECT USA said, "ING
DIRECT has revolutionised banking by empowering savers with great
value and unmatched customer service. Sharebuilder's online brokerage
business will provide ING DIRECT customers with a low-cost,
easy-to-understand tool to invest on a regular basis. Both companies
share a mission to enable the American investor build and manage
wealth in a straightforward manner."
ING's direct banking expertise, combined with Sharebuilder's online
brokerage expertise will facilitate a smooth integration and
maximization of synergies to achieve ING Direct's growth targets.
Both companies promote regular investment and long-term savings.
The transaction is subject to approval by the relevant authorities
and is expected to close by the end of 2007.
| Press enquiries: |
| Pilar Teixeira, ING Group + (31) 20 541 5469, |
| firstname.lastname@example.org |
ING is a global financial institution of Dutch origin offering
banking, insurance and asset management to over 75 million private,
corporate and institutional clients in 50 countries. With a diverse
workforce of over 120,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the
About ING DIRECT USA
ING DIRECT USA, America's largest direct bank and fourth-largest
thrift, is dedicated to inspiring Americans to become a nation of
savers. Since its inception in 2000, more than 6 million Americans
have entrusted their savings with ING DIRECT, building the bank to
$70 billion in assets. For more information on ING DIRECT, or to
learn more about the bank's high-value products, including the Orange
Savings Account and the Orange Mortgage, visit www.ingdirect.com or
call 1-800-ING DIRECT.
ShareBuilder Securities Corporation (www.sharebuilder.com) is an
online brokerage designed for long-term investing. The company's
vision is to increase the personal savings rate of the average
American by helping people build and manage wealth over the long
term. Customers pay low fees on individual transactions, have no
account or investment minimums and can choose from three automatic,
dollar-based investing programs. In addition to its brokerage
business, ShareBuilder Corporation owns and operates ShareBuilder
401(k), which provides simple, flexible and affordable 401(k) plans
to small business owners (www.sharebuilder401k.com). ShareBuilder
Securities Corporation, a subsidiary of ShareBuilder Corporation, is
a registered broker-dealer and member NASD/SIPC. ShareBuilder
Advisors, LLC, a subsidiary of ShareBuilder Corporation, is a
registered investment advisor.