HSBC scouts for ING’s Asian assets: report
07 Sep 2009
British banking giant HSBC Holdings Plc. has made a bid of about 1 billion pounds ($1.63 billion) for Dutch financial services group ING Groep NV's (ING) private banking businesses, reported The Sunday Times.
The report said DBS, a Singaporean investment fund, and Julius Baer, the Swiss wealth manager, would also likely bid for the unit and that a preferred bidder would be named in the next 10 days.
ING, which has put its private banking operations in Switzerland and Asia up for sale to pay down €10 billion bailout funds it received from the Dutch government in October, is also considering plans to split its insurance arm from its banking business, said the report.
In July, ING sold its Annuity and Mortgage Businesses in Chile to Corp Group Vida Chile, S.A. In 2008, the Annuity and Mortgage businesses in Chile generated combined pre-tax earnings of approximately €35 million.
The Sunday Times said DBS was interested only in the Asian unit but that Julius Baer was keen on both assets.
In Asia, ING's private banking operations covers the Philippines, Thailand, and Indonesia, as well as China, Hong Kong, and Taiwan.
