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ING Closes On Citigroup Joint Venture

By Staff Writer

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A Dutch financial services company has won the final regulatory approvals it needs to acquire CitiStreet L.L.C. just 2 months after announcing the deal.

ING Groep N.V., Amsterdam, says it now has completed acquiring CitStreet, Quincy, Mass., from Citigroup Inc., New York, and State Street Corp., Boston.

ING paid about $900 million for CitiStreet.

The deal included operations in Australia as well as CitiStreet’s U.S. operations, ING says.

ING’s ING U.S. Wealth Management unit now has about $408 billion in U.S. and Australian assets under management and administration, and about 16 million individual customers.

The unit does business with 60,000 U.S. defined contribution plans with 9.8 million participants, ING says.