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ING sells businesses to ANZ
September 27, 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.
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...
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