Religare, which has a wealth management business joint venture in India with Australia-based Maquarie, has alone bid for the ING assets
Indian financial services firm, Religare Enterprises has submitted a non-indicative bid to acquire the Asian private banking assets of ING – reported Economic Times. It has been reported that Credit Suisse, the Switzerland-based bank and a couple of Singapore banks are also competing to acquire the Dutch insurance and banking major’s assets.
ING, battered by the global financial turmoil, wants to sell its Asian and European assets by the end of this September and raise approximately E6 to 8 billion, to shore up its balance sheet.
Jan Hommen, CEO of ING Group, said: ING will divest 10-15 businesses over the next 3-5 years if market conditions permit. The total proceeds from this exercise are expected to be euro 6-8 billion. Furthermore, divestments are expected to free up euro 4 billion in capital. ING’s focus on markets where it has or can achieve leadership position also means that ING will exit up to 10 of the 48 countries in which it is currently active,” reported the newspaper.
If succeeds in acquiring the assets of ING, Religare will be able to extend its foot print across Asia. However, industry experts are skeptical about Religare’s prospects. They think that the Dutch player may opt for an international firm.