ING is selling its private banking activities in Asia to the Oversea Chinese Banking Corporation, the financial services group said in a statement on Thursday.

The sale will generate a book profit of €300m and free up around €370m of capital, ING said.
The sale of the private banking unit is part of the bank’s ‘back to basics’ strategy which involves the divestment of activities worth between €6bn and €8bn. The Swiss private banking arm has already been sold.
‘After today’s transaction we have completed the divestment programme of our private banking business. ING private banking in the Benelux and Central Eastern Europe remain integral parts of ING,’ CEO Jan Hommen said.