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Barings eyes Furman Selz
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August 26, 1997: 6:41 a.m. ET
Dutch bank, looking for more U.S. acquisitions, will pay $300M
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NEW YORK (CNNfn) - Dutch investment bank ING Barings is reportedly negotiating to buy securities firm Furman Selz for about $300 million as part of its effort to build a U.S. presence.
The board of directors for ING Groep, Barings' Amsterdam-based parent, is supposed to vote on the deal this week, the Wall Street Journal reported in its Tuesday edition. The purchase would be the bank's second of the summer and the latest in a string of sales of securities firms.
In July, ING Barings announced plans to pay $2.2 billion in cash and stock for Equitable of Iowa Cos. Insurance accounts. It also was a bidder in the $1.2 billion sale of Montgomery Securities.
Furman Selz has annual revenue of $400 million, but is a firm with strong U.S. stock research, the newspaper said.
Furman Selz has about $10.5 billion in assets but no international presence, which had become more of a handicap, the Journal said.
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ING Barings
Furman Selz
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