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ING buying Furman Selz
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August 28, 1997: 12:47 p.m. ET
Top officials from two firms say $600M deal will benefit both sides
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NEW YORK (CNNfn) - Dutch investment bank ING Barings's $600 million acquisition of U.S. securities firm Furman Selz will give both businesses good growth opportunities, officials from the two companies said Thursday.
ING Barings will pay Furman $600 million in cash over three years, the executives told CNNfn's "In the Game."
The purchase will give ING Barings an entree into the U.S., and will give Furman Selz an international presence, they said.
"This is the acquisition from which we want to build a stronger [U.S.] presence," said Fernando Gentil, regional manager for the Americas at the Amsterdam-based bank. "As far as corporate banking is concerned, we plan to build from this base."
Gentil said ING Barings had sought to increase its U.S. acquisitions because it already has a solid presence in Europe and emerging markets. (168K WAV) or (168K AIFF)
ING Groep, the parent company of ING Barings, has assets of $289 billion and is the fourth-largest financial institution in Europe.
Edmund Hajim, chief executive of Furman Selz, said the pairing gives the company brand-name recognition in Europe.
"On an international basis, we're not known," Hajim said.
Furman Selz had to have a "larger partner" as part of its long-term strategy, Hajim said. (116K WAV) or (116K AIFF)
Furman Selz has about $10.5 billion in assets.
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ING Barings
Furman Selz
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