AMSTERDAM -- Internationale Nederlanden Group has withdrawn its offer to acquire Bank Bruxelles Lambert.
The proposed Dutch-Belgian combination was widely viewed as typical of the multinational financial-services consolidation that would accompany the economic integration of the 12 European Community countries.
ING Group of the Netherlands, parent of what was formerly known as NMB-Postbank, said directors of the Belgian bank refused to support the terms ING had set for a public offer.
"At the end of the discussions, it became evident a difference of opinion concerning the valuation of certain assets could not be bridged," said an ING statement.
ING Group said it intended to remain a large minority shareholder of the bank. Its present holding is 10%.