DBS, Julius Baer In Race For ING's Private Banking Operations
ING’s Asian private banking division has offices in Singapore, Hong Kong and the Philippines, while the Swiss private banking divsion has eight offices
DBS Group Holdings, a Singapore-based holding bank of DBS bank and Julius Baer Holding AG, a Swistzerland-based private bank, have emerged as the frontrunners for buying the private banking operations of ING Groep NV – reported Bloomberg.
Reportedly, the Amsterdam-based financial-services company has picked both the banks to enter final bidding for its Asian and Switzerland private banking operations. DBS is said to be interested to purchase Asian units, while Julius Baer is expected to bid for Asian as well as Swiss private banking operations.
Yoon Charng Bae, a banking analyst at Seoul-based Hyundai Securities, commented: Private banking is a fast-growing sector in Asia and could attract interest from those who want to expand in the region, especially in China. It remains to be seen whether ING’s assets themselves could garner much interest, given its relatively small presence in Asia, reported the news agency.
Earlier, it has been reported that ING, which is in red since July 2008, got a E10 billion lifeline from the government in October 2008. It is narrowing its focus and expects to raise E8 billion from selling 10 to 15 units and planning to exit from 10 of 48 nations from where it is currently operating. The bank has already agreed to part with its Canada unit for E1.4 billion.
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