BMW To Buy ING's Car Lease Unit For $1B

ING Groep NV ING agreed to sell its car lease division to BMW for €700 million ($1 billion). The deal is likely to add 17 basis points to ING Bank's core Tier 1 ratio and is expected to close in the fourth quarter of 2011. ING shares gained 0.74% to close at $12.23 yesterday. Read more from Benzinga's Company news.