ING seals its seventh sale this year.

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  • Additional Information
    • Subject Terms:
      NETHERLANDS; ASIA
    • Subject Terms:
      ING Groep NV ING; OVERSEA-Chinese Banking Corp. Ltd.
    • Abstract:
      This article announces that Dutch financial services firm ING has sold its Asian private banking business (IAPB) to OCBC. The acquisition deal is valued at 1.46 billion U.S. dollars. The estimated net profit for ING, as a result of the transaction, is 446.4 million U.S. dollars. The IAPB sale is the seventh divestment of ING to date for 2009. Jan Hommen of ING says the firm aims to simplify its organisation and reduce its geographic and business scope via its Back to Basics programme.