European and Asian banks emerge as bidders for ING’s private-banking unit
ING Groep NV, the giant Amsterdam, Netherlands-based financial services firm, has selected at least three European and Asian banks to submit final bids for the troubled company's private-banking operations, according to published reports.
ING Groep NV, the giant Amsterdam, Netherlands-based financial services firm, has selected at least three European and Asian banks to submit final bids for the troubled company’s private-banking operations, according to published reports.
ING is seeking at least $1.8 billion for its private-banking assets, and has winnowed the field of potential buyers to Australia & New Zealand Banking Group Ltd. of Melbourne; DBS Group Holdings Ltd. of Singapore; and Julius Baer Holding AG of Zurich, Switzerland, according to a Bloomberg report.
Final bids could be made as early as next week, according to the report.
Zurich, Switzerland-based Credit Suisse Group AG has also reportedly prepared a preliminary offer for some of the assets.
ANZ and DBS are said to be interested in ING’s Asian private-banking operations, while Julius Baer may bid for its Asian and Swiss businesses, according to unnamed sources cited by Bloomberg.
The Dutch government infused 10 billion euros ($14.3 billion) into ANZ in October as the once-expansionist bank struggled to boost its capital.
ING raised 1.4 billion euros in February by selling its 70% stake in Toronto-based ING Canada Inc., that country’s biggest property and casualty insurer.
The Dutch bank also has an agreement to sell its Chilean annuity and mortgage operations for about $350 million to Corp Group Vida Chile SA, according to published reports.
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