ING to Acquire €350 Million Stake in Van Lanschot Kempen (1)

ING Groep NV has agreed to acquire a minority stake worth almost €350 million in Dutch private bank Van Lanschot Kempen N.V.in a bid to expand its position in wealth management.

The Netherlands’ largest bank will acquire a 17.6% stake in the ‘s-Hertogenbosch, Netherlands-based firm, it said in a statement on Monday. Together with an existing 2.7% stake, ING’s holding is set to rise to 20.3%, which would make it the largest shareholder of Van Lanschot Kempen.

Van Lanschot Kempen shares rose as much as 8.3%, the most in more than six months, at 9:03 a.m. in Amsterdam.

“We ...