ING Direct is to acquire ShareBuilder Corporation’s online brokerage business for $220 million to extend its retail investment products range and geographical spread in the US.

ShareBuilder is a privately-held Seattle-based brokerage company with a low-cost, direct business model.

ShareBuilder targets early stage investors through a limited set of simple and high-value investment products including stocks, exchange traded funds, options and automatic investment plans.

ING DIRECT USA says that it is looking to meet the complete financial needs of the US investor. The Dutch bank will absorb 661,000 of ShareBuilder's customers.