ING closes $900 m acquisition of CitiStreet

ING Group has completed its $900 million acquisition of a retirement services venture jointly owned by Citigroup Inc. and State Street Corp.

ING, a Netherlands-based financial services company, said today that it received regulatory approvals for its acquisition of Quincy-based CitiStreet LLC. The transaction's closure comes two months after the deal was announced.

The sale is part of Citigroup's efforts to shed assets and raise cash after losing billions in the mortgage and credit crises.

New York-based CitiGroup and Boston-based State Street created CitiStreet in 2000. The unit provides record keeping and administrative services to more than 16,000 retirement plans.

As of March 31, the venture had about 3,700 workers, with more than $262 billion in assets under administration. (AP)