Financial services group ING is seeking buyers for its private-banking business in Europe and Asia, the Wall Street Journal reports on Thursday, quoting ‘people familiar with the situation’.
The sale would be the latest step by ING to slim down after getting a €10bn bail-out from the Dutch government last year.
Sources told the WSJ that the sale process is at an early stage and any deal is likely several months away. Potential bidders may include Credit Suisse Group, Standard Chartered, as well as banks in Singapore and Australia, the paper said.
ING expects to raise between €6bn and €8bn by selling between 10 and 15 units and narrowing its focus.
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