ING Explores Sale Of Europe, Asia Units

Anonymous User | Login

ING Explores Sale Of Europe, Asia Units

Published: 23-Jul-2009

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.

Citi outsources lockbox operations to First Data

A step towards Citi's global receivables strategy ...

Sumitomo To Acquire Citi’ Nikko Asset For $1b

Acquisition is expected to generate synergy effects with its main trust investment business ...

Citi To Convert $58b Preferred Shares, Adopts Poison Pill

The move will dilute the US governments stake in the bank to 34%, and thwart investors and hedge funds from holding sizable stakes. ...

Citi Reports Net Income Of $4.3b For Q2

Total revenues were $30 billion, up $12.4 billion from the Q2 2008 ...

NAB Agrees To Buy Aviva' Wealth Management Unit

NAB gets Aviva Australia’s Norwich Union Life and Navigator businesses. ...

HSBC, Women's World Banking Jointly Offer Financing To Rural China

Partnership to develop financial products and services to expand HSBC’s financing capabilities to China’s rural communities ...

Citi Cards Japan Teams Up With Regus

Offers Citi Platinum and Delta Skymiles Visa Platinum cardholders with free Regus businessworld gold membership ...

HSBC Deploys Strategy Management Application From Experian

To strengthen its account processing for cards, loans, and mortgages and improve its customer services ...

Citi To Sell Consumer Finance Business To Gjensidige Bank In Norway

To reduce assets, tightly manage risks and optimize the value of assets in Citi Holdings ...

Citi Bags OGI Capital Partners Funds Mandate

Citi to provide hedge fund administration and custody services to OGI Capital ...

Network Sites

Asset Management Banking Technology BPO & Outsourcing Cards Commercial Banking ECNs and Exchanges Online Banking Payments Retail Banking Risk Management Security

Mail sent successfully

Tell your friend about this article

Please enter a valid email address

Please enter your name

Please enter the mail body

Your Name: *

Your Email: *

Friend's Email: *

Email Body: *: I thought you would be interested in this article : http://www.banking-business-review.com/news/ing_explores_sale_of_europe_asia_units_090723/

Suppliers To This Sector

Browse A-Z

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Xenomorph

Data and Analytics Management ...

VASCO

Strong Authentication and e-Signature, Specialising in Online Accounts, Identities and Transactions ...

Turku

A Superb Location for Doing Business in Northern Europe ...

Trionis

A Single Connection to the World ...

Todos AB

Security for eBanking and eCommerce ...

Sterling Commerce

Software for Business Collaboration Networks ...

White Papers

Browse A-Z

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Related Companies

AEGON N.V.

AEGON N.V. (AEGON) is one of the world's largest life insurance and pension groups. The ...

Citigroup Inc.

Citigroup Inc. (Citigroup) is a diversified financial services holding company based in ...

Aviva plc

Aviva plc (Aviva) is the world’s fifth largest insurance company and the largest life i ...

HSBC Holdings plc

HSBC Holdings plc (HSBC) is one of the largest banking and financial services companies ...

Prudential Financial, Inc.

Prudential Financial Inc. (Prudential) is engaged in providing investment management, i ...

Suppliers Product News

Xenomorph TimeScape Helps Theoriem Cut Time Spent Managing Data by Up To 90%

Data management and analytics solution enables firm to formulate ideas in minutes.

VASCO Data Security International Inc (Nasdaq: VDSI), a leading software security company specialising in authentication products, and MoadBus, a software products and services provider to the international financial sector, have announced they have joined forces to deliver digital signature on mobile banking and mobile cash solutions to joint customers.

KBC Securities Secures Bolero Customers with VASCO's DIGIPASS 270

VASCO Data Security International Inc (Nasdaq: VDSI), a leading software security company specialising in authentication, and KBC Securities, the largest brokerage company in Belgium, have announced that KBC Securities is using DIGIPASS® 270 to secure its Bolero customers. The introduction of DIGIPASS for Bolero customers coincides with the launch of the new Bolero website.

VASCO Data Security and MoadBus are Partnering to Deliver Digital Signature for Mobile Banking and Mobile Cash Solutions

VASCO Data Security International Inc (Nasdaq: VDSI), a leading software security company specialising in authentication products, and MoadBus, a software products and services provider to the international financial sector, have announces that they have joined forces to deliver digital signature on mobile banking and mobile cash solutions to joint customers.

Free Newsletter Sign-up

Sign up, and we will send you a free Hang Seng Bank Limited - Financial and Strategic Analysis Review from GlobalData worth $750