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ING sells businesses to ANZ

Date: 27 Sep 2009

The diversified Dutch financial firm reaches a deal to sell 51% equity stakes in ING Australia and ING New Zealand for US$1.6 billion cash. Also, HSBC emerges as favourite to buy ING’s Asia private banking assets, with Julius Baer reportedly dropping out to bid for its Swiss assets alone.

Keywords (click to search): [ING] [ANZ] [insurance] [wealth management] [private banking] [HSBC] [Julius Baer] [DBS]

Leigh Powell

Diversified Dutch firm ING has reached a deal to sell its life insurance and wealth management venture in Australia and New Zealand to ANZ, its joint-venture partner.

Under the terms of the deal, ING will sell its 51% equity stakes in ING Australia and ING New Zealand to the Australian bank, which will become the sole owner of these businesses.

ING will receive a total of €1.1 billion (US$1.6 billion) in cash from ANZ. The transaction will generate an estimated net profit for ING of €300 million.

Separately, HSBC has emerged as the favourite to buy ING’s private banking assets in Asia, although DBS is also...

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