Bidding war for ING’s Asian business escalates
16 May 2012
News, Asia, Global
By Hui Ching-hoo
Australia’s Macquarie Group, US-based Principal Financial Group, Hanwha Group of Korea, and Singapore’s United Overseas Bank are among the suitors that have submitted bids for ING’s Asian asset management business in a deal that could be worth around US$500 million to $600 million, according to a Reuters report citing industry sources.
ING is selling its Asian asset management and insurance businesses in an estimated $7 billion deal to help repay the state bailout it received after almost collapsing during the global financial crisis.
Japan’s Nikko Asset Management, Ameriprise Financial, two Japanese financial institutions and Royal Bank of Canada also submitted indicative bids, according to the Reuters report.
ING manages around $55.5 billion worth of assets in the Asia-Pacific region.
A spokesperson at Macquarie Group declined to comment on the issue when approached by Asia Asset Management. ING responded to AAM from its Dutch headquarters with the following statement: "As announced in January, we are exploring options for our Asian insurance and investment management businesses. We are currently exploring options for a sale, while keeping other options open. Other than that it is our policy not to comment on the process".
More News >
Discuss: Bidding war for ING’s Asian business escalates