<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published August 27, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>DBS, Julius Baer in race for ING assets: report
DBS: No comment on speculation on our M&A activities
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(HONG KONG) DBS Group Holdings and Julius Baer Holding AG are among potential buyers of ING Groep NV's private banking operations, three people familiar with the matter said.
Amsterdam-based ING, the biggest Dutch financial-services company, is seeking at least US$1.8 billion for the assets, two of the people said, speaking on condition of anonymity. DBS and Julius Baer are among companies picked by ING to enter final bidding for its Asian and Swiss private banking units as early as next week, they said.
When contacted by BT last night, a DBS spokesman said: 'As always, we do not comment on speculation on our M&A activities. DBS's priority is to pursue organic growth opportunities which extend our Asia banking franchise. In any inorganic initiative we pursue, we always adopt a disciplined approach and will only do the deal if it fits our strategic initiatives.'
ING, which received a 10 billion euro (S$20.57 billion) lifeline in October from the Netherlands, is seeking to raise as much as eight billion euros selling assets to boost capital. The company's Asian wealth management operations may draw bids of about US$1 billion, the people said.
'Private banking is a fast-growing sector in Asia and could attract interest from those who want to expand in the region, especially in China,' said Yoon Charng Bae, a banking analyst at Seoul-based Hyundai Securities Co. 'It remains to be seen whether ING's assets themselves could garner much interest, given its relatively small presence in Asia.'
Singapore-based DBS, South-east Asia's largest bank, is seeking to buy ING's Asian private banking operations, the people said. Julius Baer of Zurich, the Swiss bank splitting off its wealth unit, may bid for both the Asian and Swiss businesses, they said. Australia & New Zealand Banking Group Ltd has also been approached, they said.
Credit Suisse Group AG has entered a preliminary offer and it's unclear whether the Zurich-based bank will enter the final round of bids, one of the people said. Spokesmen for ING, DBS, Julius Baer and Credit Suisse declined to comment.
'We look at opportunities from time to time, but they need to be consistent with strategy,' said Paul Edwards, a spokesman for Melbourne-based ANZ. 'Not all opportunities in Asia are.'
The sale of private banking assets in Asia, home to the world's two fastest-growing major economies, may attract buyers seeking to expand their wealth-management operations in the region.
China's number of so-called high net worth individuals, or those with at least US$1 million of assets to invest, surpassed that of the UK last year to become the world's fourth-highest, according to the 2009 World Wealth Report by Cap Gemini SA and Merrill Lynch Wealth Management.
ING's attempts to sell the operations may be helped by the 59 per cent rally in the MSCI World Index from a March 9 low.
'We've seen a nice rally, so it's probably more attractive to sell the business now,' said Benoit Petrarque, an analyst at Kepler Capital Markets in Amsterdam who has a 'buy' rating on ING shares. 'It's not bad timing to sell in September.'
ING's Asian private banking division has offices in Singapore, Hong Kong and the Philippines, according to its website. Assets under management declined to 11.4 billion euros in the first quarter of 2009 from 13.1 billion euros a year earlier. The bank's Swiss private banking business has eight offices with about 340 employees, according to its website. -- Bloomberg
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</TD></TR><TR><TD vAlign=top width=452 colSpan=2>DBS, Julius Baer in race for ING assets: report
DBS: No comment on speculation on our M&A activities
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</TD><TD>Feedback</TD></TR></TBODY></TABLE>(HONG KONG) DBS Group Holdings and Julius Baer Holding AG are among potential buyers of ING Groep NV's private banking operations, three people familiar with the matter said.
Amsterdam-based ING, the biggest Dutch financial-services company, is seeking at least US$1.8 billion for the assets, two of the people said, speaking on condition of anonymity. DBS and Julius Baer are among companies picked by ING to enter final bidding for its Asian and Swiss private banking units as early as next week, they said.
When contacted by BT last night, a DBS spokesman said: 'As always, we do not comment on speculation on our M&A activities. DBS's priority is to pursue organic growth opportunities which extend our Asia banking franchise. In any inorganic initiative we pursue, we always adopt a disciplined approach and will only do the deal if it fits our strategic initiatives.'
ING, which received a 10 billion euro (S$20.57 billion) lifeline in October from the Netherlands, is seeking to raise as much as eight billion euros selling assets to boost capital. The company's Asian wealth management operations may draw bids of about US$1 billion, the people said.
'Private banking is a fast-growing sector in Asia and could attract interest from those who want to expand in the region, especially in China,' said Yoon Charng Bae, a banking analyst at Seoul-based Hyundai Securities Co. 'It remains to be seen whether ING's assets themselves could garner much interest, given its relatively small presence in Asia.'
Singapore-based DBS, South-east Asia's largest bank, is seeking to buy ING's Asian private banking operations, the people said. Julius Baer of Zurich, the Swiss bank splitting off its wealth unit, may bid for both the Asian and Swiss businesses, they said. Australia & New Zealand Banking Group Ltd has also been approached, they said.
Credit Suisse Group AG has entered a preliminary offer and it's unclear whether the Zurich-based bank will enter the final round of bids, one of the people said. Spokesmen for ING, DBS, Julius Baer and Credit Suisse declined to comment.
'We look at opportunities from time to time, but they need to be consistent with strategy,' said Paul Edwards, a spokesman for Melbourne-based ANZ. 'Not all opportunities in Asia are.'
The sale of private banking assets in Asia, home to the world's two fastest-growing major economies, may attract buyers seeking to expand their wealth-management operations in the region.
China's number of so-called high net worth individuals, or those with at least US$1 million of assets to invest, surpassed that of the UK last year to become the world's fourth-highest, according to the 2009 World Wealth Report by Cap Gemini SA and Merrill Lynch Wealth Management.
ING's attempts to sell the operations may be helped by the 59 per cent rally in the MSCI World Index from a March 9 low.
'We've seen a nice rally, so it's probably more attractive to sell the business now,' said Benoit Petrarque, an analyst at Kepler Capital Markets in Amsterdam who has a 'buy' rating on ING shares. 'It's not bad timing to sell in September.'
ING's Asian private banking division has offices in Singapore, Hong Kong and the Philippines, according to its website. Assets under management declined to 11.4 billion euros in the first quarter of 2009 from 13.1 billion euros a year earlier. The bank's Swiss private banking business has eight offices with about 340 employees, according to its website. -- Bloomberg
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