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ING seals its seventh sale this year

Date: 15 Oct 2009

The Dutch firm agrees to sell its Asia private banking business to OCBC for US$1.46 billion. It achieved a good price for shareholders, with its seven divestments so far this year realising €3 billion in total capital relief.

Keywords (click to search): [ING] [OCBC] [Jan Hommen] [Eli Leenaars] [Philippe Damas] [Vaughn Richtor] [Bernard Coucke]

Leigh Powell
Dutch financial services group ING said today (October 15) it had agreed to sell its Asian private banking (IAPB) business to OCBC for US$1.46 billion in cash (see buy-side story).

The transaction will generate an estimated net profit for ING of about €300 million (US$446.4 million). It is expected to free up around €370 million in capital.

Having received a €10 billion bailout from the Dutch government this year, the group announced its intention to raise up to €8 billion by selling between 10 and 15 units. It gave itself a three-to-five-year period and launched a Back to Basics Programme.

The sale of its Asia private banking business is the group’s seventh divestment to date this year. In total these sales have realised about €3 billion in capital relief. ING’s stated target for this year is €4 billion....

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