SNS REAAL and ING Bank today signed the contract of sale for the acquisition of Regio Bank from ING. The Regio Bank shares are expected to be transferred on 1 July.  Regio Bank will then be merged with CVB Bank, a subsidiary of SNS REAAL, and will continue doing business under the name SNS Regio Bank.

The new chairman of the Board of SNS Regio Bank is Mark Straub, who is also a member of the Board of Directors of SNS Bank. Other members of  the Board of  SNS Regio Bank are Hans van den Bor, responsible for Sales and Marketing, and Joop Ossel, responsible for Finance and Back Office.

The definitive transaction is amongst other conditions subject to approval from the supervisory authorities.