ING Sheds Asian Private Banking Unit In $1.5B Sale

Law360, New York (October 15, 2009, 3:17 PM EDT) -- Dutch finance giant ING Groep NV has agreed to sell its Asian private banking business to Singapore-based Oversea-Chinese Banking Corp. Ltd. for $1.46 billion in cash, part of ING's continuing effort to slim down operations.

In statements Thursday, OCBC and ING said the deal would generate an estimated net profit for ING of approximately $447 million and should free up about $552 million in capital. The completion of the deal, which is subject to a number of regulatory approvals, is expected to occur around the end...
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