ING N.V. has sold ING Card to International Card Services B.V. (ICS). Financial details have not been disclosed.
ING N.V., a global financial services company providing banking, investments, life insurance and retirement services, decided to spin-off its Dutch open market credit card portfolio with 28,000 accounts of which 75% were active.
International Card Services (ICS) is a subsidiary of Fortis Bank Nederland N.V. The company issues, promotes, administrates, processes transactions, provides insurance services and credit for both Visa as well as MasterCards. ICS takes care of all Fortis credit cards, facilitates co-branded credit card programs and offers other bank independent credit cards.
ING N.V. has over 85 million private, corporate and institutional clients in more than 40 countries in Europe, the United States, Canada, Latin America, Asia and Australia.
Oaklins' team in the Netherlands advised the seller in this transaction.
© Oaklins. All rights reserved. Oaklins refers to Oaklins International Inc. and/or one of its member firms, each of which is a separate legal entity. Please see www.oaklins.com/legal for further details.