ING exec sees synergies in CitiStreet buy

NEW YORK, May 2 (Reuters) - Dutch financial services group ING Groep NV (ING.AS: Quote, Profile, Research) sees synergies of roughly $270 million from its purchase of retirement plan administrator CitiStreet, according to a senior executive on Friday.

ING said it would pay 578 million euros ($903 million) for CitiStreet, which is jointly owned by Citigroup (C.N: Quote, Profile, Research) and State Street (STT.N: Quote, Profile, Research).

"Roughly 30 percent of the purchase price is attributable to the operational synergies from the combined operation," Kathleen Murphy, chief executive of ING US Wealth Management, told Reuters.

"I think there will be some redeployment and elimination of some redundant positions," Murphy added.

(Reporting by Paritosh Bansal, editing by Richard Chang)