ING to Sell Sharebuilder; ING, WFC

| 30 October 2009

The Dutch Financial Company ING Groep N.V. (ING) is planning to sell ShareBuilder, which it acquired two years ago for $220 million. The Seattle-based company is part of ING's U.S. subsidiary, ING Direct, and only makes up about 5% of the domestic subsidiary's revenue.

The Puget Sounds Business Journal is reporting the ShareBuilder has $4 billion in assets under management and 300 employees. ING Direct's President, Akadi Kuhlmann, flew out to Seattle from Delaware to preside over the opening of ShareBuilder's new offices in Pioneer Square. (We can only imagine the speech: "Hey, great building you guys have here. Let's sell it!")

It's not just ShareBuilder that's going, but all of ING's U.S. operations which manage about $90 billion in assets. Earlier this week the parent company made the announcement that it hoped to sell off all its U.S. operations by 2013. In addition to selling off the U.S. operations the company plans to spin off insurance operations to allow it to focus on its European banking business.

If you want to see the straight scoop from the Dutch, read this. They'll tell you that the U.S. subsidiary was a source of great success but also great problems. (We're thinking $32 billion in Alt-A mortgages on the balance sheet might have something to do with it.)

ShareBuilder was originally backed with about $65 million from Madrona Venture Group, Wells Fargo (WFC), Safeco and others.

Tags: ShareBuilder Bank

Comments

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Bob 2009-10-30 21:14:45

Sounds like poor leadership for investing in those securities...time to get our of ING DIRECT

Insurance

Kevin 2009-10-31 08:17:32

Only ING Direct will be sold, the insurance units will remain within a global financial powerhouse

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