ING acquires German mortgage lender

ING Direct, the internet bank of financial services group ING announced on Wednesday that it has acquired 89.5% of the German mortgage lender Interhyp.

The €416m offer made by the firm in May is now official and shareholders that tendered their shares will be paid on Thursday, reports ANP news service. Remaining shareholders have until August 13 to sell their shares to ING Direct.
Regulatory approval for the takeover was granted on July 14.
Interhyp was set in 1999 and is listed on the German stock exchange. The bank’s mortgage portfolio totalled €5.7bn last year.

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