ING Raising 8 Billion Euros
ING Groep NV, the biggest Dutch financial-services company, is seeking to raise as much as 8 billion Euros selling assets which includes their prized private banking division to boost capital.
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Their most recent asset sale has been some prized ones:
1) Raised 1.4 billion Euros in February by selling its 70 percent stake in ING Canada Inc. Canada’s largest property and casualty insurer.
2) An agreement to sell its annuity and mortgage businesses in Chile to Corp Group Vida Chile SA in July for about US$350 million according to Santiago-based newspaper Diario Financiero.
3) And now, ING has asked for final bids for its private banking operations and is seeking about US$1.8 billion, two people familiar with the matter said. The Amsterdam-based bank has selected companies to enter final bidding as early as next week, handled by JP Morgan as adviser.
ING received a 10 billion Euros (US$14.3 billion) lifeline in October from the Netherlands Government is seeking to reduce its outstanding commitment. Assets under management has declined to 11.4 billion Euros in the first quarter of this year from 13.1 billion Euros a year earlier.
Obviously, the Asian unit being a truly prized proposition and is considered a growth business in Asia is something ING must be trying to get a good offer for. And to sell this prized possession, things must be quite dire on the financial front for this company that has seen tremendous growth in recent years.
According to ING’s website, their Asian private banking division has offices in Singapore, Hong Kong and the Philippines.
Main report from Taipei Times.
Tags: ING
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