ING sells Swiss Private Banking to Julius Baer
by Richard Kilner
Story link: ING sells Swiss Private Banking to Julius Baer
Dutch bank ING has announced it is to sell its Swiss Private Banking business to Julius Baer for CHF 520m (€344m) in cash.
ING Group Chief Executive Officer Jan Hommen has described the move as a good sign of progress in the firm’s Back to Basics strategy.
The Back to Basics strategic approach opted for by ING involves a reduction in complexity of the business by focusing upon fewer franchises.
It is expected that the deal will see ING make a profit of €150m, and has the added benefit of freeing up capital of €200m.
The agreement remains subject to approval, and should it get the necessary green light it is forecast to be completed in Q1 2010.
In the latter half of last month ANZ acquired full ownership of ING wealth management, life insurance and advice businesses in Australia and New Zealand in a transaction worth $1.5bn.
The bank has confirmed the future of its Private Banking operations in Asia are under discussion, but has stated unequivocally that ING Private Banking in the Benelux and Central Eastern Europe is integral to the firm.
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