ING Group announced yesterday that it reached an agreement in principle with Sal. Oppenheim about the sale of ING BHF-Bank. Closing of the transaction is expected at year-end 2004.
ING Group will retain Deutsche Hypothekenbank, the London Branch of ING BHF-Bank and the restructured loan portfolio. ING Group will continue to serve its German global clients.
Sal. Oppenheim intends to continue to operate BHF-Bank as a stand-alone entity, concentrating on asset management, private banking, financial markets and a focused corporate banking business.
Source: ING Group