Julius Baer To Pick Up ING Swiss Unit For $505M

Law360, New York (October 7, 2009, 2:06 PM EDT) -- Dutch finance giant ING Groep NV plans to sell its Swiss private banking unit to international banking group Julius Baer Group for $505 million in cash as part of a wider strategy to streamline its business.

The deal must still gain regulatory approval, but ING expects it to close in the first quarter of 2010, the company said on Wednesday.

ING has been slimming down its operations as part of what the company is calling its “Back to Basics” program as it faces financial challenges brought...
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