Dutch private bank F. van Lanschot Bankiers is buying the CenE Bankiers unit of ING Bank for EUR250 million ($307.5 million).
The sale to Van Lanschot, which was founded in 1737, will allow ING to focus on its core businesses. The Dutch group is already in talks with German private bank Sal. Oppenheim to sell its BHF-Bank unit.
Van Lanschot, which offers private banking services to high net-worth individuals and medium-sized and family businesses, said the purchase price includes goodwill and future pension payments to CenE Bankiers staff.
Last August, Fortis sold its private banking unit Theodoor Gilissen.