ING Group announced today that an agreement has been reached between ING Belgium and Evolution Group Plc to sell its U.K. brokerage unit Williams de Broë Plc for GBP 15 million (EUR 22 million). 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. Bank Brussels Lambert originally bought a majority stake in Williams de Broë in 1986, and BBL was acquired in turn by ING Group in 1998. For ING Group, the transaction is expected to result in a loss of approximately EUR 20 million after tax, to be booked in the second quarter. The transaction will have no significant impact on the financial ratios of ING Group or its banking operations.
Williams de Broë is one of the U.K.'s oldest financial firms, with more than 135 years' experience in stock broking and advisory for corporate, institutional and private clients. The company offers corporate finance advisory, stock broking and listing services, institutional trading, research and sales, private client investment and fund management services. Williams de Broë is based in London, with offices in Birmingham, Leeds, Guildford, Edinburgh and Geneva, and has about 250 employees.
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Press enquiries:
Louise van Heel, ING Belgium +32 2 547 2449, louise.vanheel@ing.be
Dorothy Hillenius, ING Group +31 20 541 6522, dorothy.hillenius@ing.com |
