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Standard Chartered opts out of ING bid.

Global Banking News-11 September 2009-Standard Chartered opts out of ING bid(C)2009 ENPublishing - http://www.enpublishing.co.uk

Global Banking News - 11 September 2009(c)2005 - Electronic News Publishing - http://www.enpublishing.co.uk

UK-based Standard Chartered (LSE: STAN) has opted out a bid for Netherlands-based ING Groep NV (NYSE: ING).

The British firm has dropped its bid to buy ING Groep NV's Swiss and Asian private banking business. The sale is expected to raise USD2b for ING Groep NV. Credit Suisse Group (NYSE: CS) had earlier dropped out of the bid.

ING Groep NV initially planned to select a buyer later this month. The company is scaling down its operations, and by selling 15 units is planning to raise between EUR6bn and EUR8bn.

[Editorial queries for this story should be sent to gbn@enpublishing.co.uk]

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Publication:Global Banking News (GBN)
Date:Sep 11, 2009
Words:146
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