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Article: Singapore's OCBC to buy ING Asia pvt banking biz for $1.46 bn.
- Article from:
- PTI - The Press Trust of India Ltd.
- Article date:
- October 15, 2009
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Singapore's OCBC to buy ING Asia pvt banking biz for $1.46 bn
Singapore/New Delhi, October 15, 2009 (PTI) - Singapore-based Oversea Chinese Banking Corporation will acquire the Asian private banking business of Dutch financial services major ING Group in an all cash deal worth USD 1.46 billion.
Worst hit by the global financial meltdown, ING has received funds from the Netherlands government and is shedding its non-core assets worldwide.
The Asian private banking operations of ING comprises Singapore-based ING Asia Private Bank and its affiliated entities, together called IAPB.
OCBC Bank has reached an agreement ...