ING sells Swiss private bank
Wednesday 07 October 2009
ING has sold its Swiss private banking activities to Swiss asset manager Julius Baer for around €344m, the financial services group said on Wednesday.
ING's Swiss activities have some €10bn in assets under management .
Talks are continuing on finding a buyer for the bank's Asian private banking activities, ING said.
The sale is the latest step by ING to slim down after getting a €10bn bail-out from the Dutch government last year. ING expects to raise between €6bn and €8bn by selling between 10 and 15 units and narrowing its focus.
Last month, ING pulled out of insurance and private banking in Australia and New Zealand and sold its alliance with local banking group ANZ to its partner for €1.1bn.
© DutchNews.nl
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