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Article: Julius Baer Closer to Bid Move on ING Assets: Sources
- Article from:
- Reuters Hedgeworld
- Article date:
- August 13, 2009
CopyrightCopyright 2009 Reuters Hedgeworld. Provided by ProQuest LLC. (Hide copyright information)
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SINGAPORE (Reuters) - Julius Baer has hired fellow Swiss bank UBS
to advise on a possible bid for ING Groep's private banking units in
Asia and Europe, signaling its seriousness about an acquisition,
sources said on Thursday [Aug. 13].
ING is keen to divest its private banking operations except for
those in Belgium, the Netherlands and Luxembourg, and hopes to
complete the sale of the units for over $1 billion by September,
sources with knowledge of the deal have told Reuters.
Julius Baer, Switzerland's third-biggest bank, has said in the
past it is looking for acquisitions and a purchase of ING assets
could strengthen its position in its core Swiss market and its newer
emerging Asian ...