ING Group has received final regulatory approval for the acquisition of CitiStreet — the superannuation administration company formed between Citigroup and State Street. The deal includes CitiStreet’s US and Australian operations.
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.
