ING Group announced Wednesday that it had bought Entrium, Germany's second-largest direct bank.
ING said it paid Fineco/Capitalia $339.72 million for Entrium.
Entrium gives ING's Italian unit, DiBa, additional products as well as scale in online brokerage, mutual funds, and consumer loans. The direct operations of Entrium also fit ING Direct's model for selling banking products online.
DiBa and Entrium have a joint customer base of 3.5 million, with about $45.3 billion of assets under management.
ING Direct is the world's leading direct bank with 6.5 million clients and $101.9 billion of assets under management.
