Financial services firm ING has acquired a 17.6 per cent stake in Dutch wealth management company Van Lanschot Kempen.

Alongside its existing stake of 2.7 per cent, the deal will see ING holding a 20.3 per cent stake in the business following completion.

According to calculations from Bloomberg, based on Friday’s closing price, the deal is valued at €346.9m (£286.5m).

Under the terms of the agreement, ING has directly acquired a stake of 7.2 per cent, bringing its total stake in Van Lanschot Kempen to 9.9 per cent, with the remainder of the transaction subject to regulatory approval.

Van Lanschot Kempen said that it appreciated financial investments by long-term shareholders who value its independent specialist wealth management strategy.

Commenting on the announcement, ING CEO, Steven van Rijswijk, said: “Van Lanschot Kempen is a respected, listed, well-capitalised, profitable wealth manager. Their history goes back almost three centuries.

“Acquiring this stake presents an attractive financial opportunity and with this transaction we are executing on our goal to enhance our position in private banking and wealth management.

“We see this transaction as a long-term financial investment and we support Van Lanschot Kempen’s management, recognising the strong progress in the execution of their strategy.”

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