ING to acquire CitiStreet in $900 million deal

LONDON (MarketWatch) — Dutch insurance and banking firm ING Group said Friday that it has agreed to acquire retirement plan and benefit services company CitiStreet for $900 million. CitiStreet is jointly owned by Citigroup and State Street Corp. . ING said the deal will be financed entirely from existing internal resources and will not affect its share buyback program. “This acquisition significantly expands our existing footprint in our retirement services businesses in the U.S. and will help drive long-term growth in the U.S. retirement savings marketplace,” said Tom McInerney, CEO of ING Insurance Americas.
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Original post by Forextvblog

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