UPDATE 1-Van Lanschot buys ING Private Banking Curacao

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AMSTERDAM, Nov 7 (Reuters) - Dutch private bank Van Lanschot (VLAN.AS) bought banking and insurance group ING's (ING.AS) private banking operations in Curacao, the companies said on Friday.

Terms of the deal were not disclosed, but ING said assets under management at its Curacao business were less than 1 percent of the 57.5 billion euros ($74 billion) under management by ING Private Banking.

A spokesman for ING said the sale of ING Private Banking was in line with its focus of growing its Europe and Asia business.

Van Lanschot has indicated that it was interested in growth outside of its home market of Belgium and Netherlands.

The sale, expected to be completed in the last three months of 2008, will not be material to ING's earnings, the financial group said. (Reporting by Reed Stevenson, editing by Will Waterman)