The acquisition, which was first reported in Money Management on May 5, brings the combined ING US Wealth Management and CitiStreet businesses, including CitiStreet’s Australian operations, to over $427 billion in combined assets under management and administration, with over 16 million customers.
Under the terms of the agreement, ING acquired 100 per cent of CitiStreet for approximately $942 million.
The acquisition was financed entirely from existing internal resources, with the transaction to be completed in the third quarter of this year.