ING to sell Asian Private Banking business to OCBC
(Thomson Reuters ONE) - +-------------------------------------------------------------------+| * Proceeds on transaction of US$ 1,463 million ||-------------------------------------------------------------------|| * Divestment reflects strength of strategic || transformation |+-------------------------------------------------------------------+ING announced today that it has reached an agreement to sell itsAsian Private Banking business to Oversea-Chinese Banking CorporationLimited (OCBC Bank) for a consideration of US$ 1,463 million (aroundEUR 1 billion) in cash. OCBC Bank is Singapore's longest establishedlocal bank and offers a wide range of specialist financial services.Jan Hommen, CEO of ING: "Today's announcement reflects the momentumand the strength of our strategic transformation. Through the Back toBasics Programme, ING will simplify its organisation and will reduceits geographic and business scope, focusing on its positions inmarkets with the strongest franchises. After today's transaction wehave completed the divestment programme of our Private Bankingbusiness. ING Private Banking in the Benelux and Central EasternEurope remain integral parts of ING."The transaction will generate an estimated net profit for ING ofapproximately EUR 300 million and is expected to free up around EUR370 million of capital. Completion of the transaction between ING andOCBC Bank is subject to a number of regulatory approvals and isexpected to occur around year end.ING's Asian Private Banking has around EUR 11 billion of assets undermanagement. The Asia franchise offers private banking services in 11markets, including Hong Kong, the Philippines and Singapore.Eli Leenaars, CEO Retail Banking, commented: "With OCBC Bank we founda solid new owner for our Asian Private Banking Business. OCBC Bankis a professional player offering a wide range of specialistfinancial services. ING remains confident about Asia's long-termfinancial and economic prospects and potential and we are committedto our other existing Asian banking positions."ING remains active in Asia with retail banking, insurance, wholesalebanking, investment management and real estate.http://hugin.info/130668/R/1347662/324079.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 15.10.2009 - 06:31 Uhr
Sprache: Deutsch
News-ID 6931
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