ING Direct has that it has reached an agreement with ShareBuilder Corporation to acquire its online brokerage business for $220 million to extend its retail investment products range and geographical spread in the US.
Under the terms of the agreement, ING Direct USA will acquire 100% of ShareBuilder Corporation’s outstanding equity-related interests. The acquisition 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 will absorb 661,000 of ShareBuilder’s customers, helping ING Direct to reach its 20 millionth customer worldwide.
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.