ING Explores Sale Of Europe, Asia Units
It is also cutting jobs as part of a strategy
In its latest bid to survive the global financial downturn, ING Groep NV, the Dutch financial major, is scouting for potential buyers for its private-banking business units in Europe and Asia - reported Wall Street Journal.
The bank has even hired JPMorgan to advise it on the proposed sale that is expected to fetch over $1 billion. Analysts believe that the sale procedure, which is at an early stage, is bound to take some time and attract global as well as Asian players. Credit Suisse, Standard Chartered and banks in Australia and Singapore are all tipped as the potential bidders for the Dutch bank's private banking units - reported the newspaper.
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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