Dutch giant ING is to acquire a 30 per cent stake in TMB Bank in Thailand for approximately €460 million ($673 million). Eli Leenaars, executive board member and responsible for ING's global retail banking activities, said, "This transaction provides ING with a unique opportunity to enter a major growth market in Asia. The partnership leverages our expertise in retail banking and TMB's superior distribution platform thereby greatly enhancing the quality of service and breadth of financial products offered to TMB's customers". Established in 1957, TMB is one of the largest banks in Thailand with approximately €14 billion in total assets, over 5 million customers and 472 branches with a broad representation throughout Thailand.