ING consummates Sentry relationship
ING Australia has confirmed it has exercised its option to pick up a 37.5 per cent shareholding in financial planning dealer group Sentry Financial, extending a strategic partnership entered into in March last year.
The deal, struck in March 2008, provided ING with the option to take up the 37.5 per cent stake as well as two seats on the board of Sentry Financial.
Commenting on the move, ING Australia chief executive Harry Stout said it was part of the company’s strategy to expand its distribution footprint.
“By confirming our partnership with this 37.5 per cent stake, ING is able to play a more active role in Sentry’s strategic direction so that both parties can realise the full potential of the relationship,” he said.
According to Sentry chairman and chief executive Murray Hills, the ING partnership provides the group with additional scale.
He said since Sentry had announced its initial partnership with ING its adviser network had increased an extra 25 to 98 advisers and expanded beyond Western Australia to other states.
AUTHOR
Mike Taylor
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