HSBC named as bidder in ING sale
by Gill Montia
Story link: HSBC named as bidder in ING sale
HSBC is reported to be one of five contenders for ownership of the Swiss and Asian private banking units of Dutch bank, ING.
According to a report in The Sunday Times, the combined businesses are estimated to be worth over £1 billion and at this stage is it not clear whether HSBC is chasing one or both units.
Details of the preferred bidder should emerge in the next 10 days.
ING’s struggles with the credit crisis left the bank indebted to the Dutch government and reporting a loss of over €3 billion in the final quarter of last year.
However, the bank returned to profitability in the second quarter of 2009, posting underlying net earnings of €229 million.
Singaporean investment fund, DBS, and Swiss private bank, Julius Baer, are also interested in the disposals, The Sunday Times Reports.
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