HSBC $2 billion bid for private ING banking unit
Friday September 11, 2009
According to the latest financial news report by The Sunday Times, HSBC has made a substantial offer for ING's private banking businesses in Switzerland and Asia. The offer from the British financial institution is reportedly at 1 billion pounds ($1.92 billion) and is not expected to be the only offer made to the Dutch financial group with predictions of similar offers from Swiss wealth manager, Julius Baer, and Singaporean investment fund, DBS. ING is expected to have made its decision within the coming ten days.
This may not be the only branch of ING up for sale with ING apparently also considering the sale of its insurance arm from its banking business, according to The Sunday Times report.
The actions have been prompted by the recent European inquiry to state aid, with ING raising funds to pay out bailout funds received from the Dutch government, funds to the amount of 6 billion pounds.
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