Credit Suisse exits bid for ING's unit in Asia and Switzerland
Press Trust of India / New York Sep 02, 2009, 19:41 IST
Financial services major Credit Suisse Group has withdrawn from the bid for ING Group NV's Asian and Swiss private banking business, a media report said.
Attributing to people familiar with the situation, The Wall Street Journal said, Credit Suisse Group has exited from the bidding for Dutch financial services firm ING Groep NV's Asian and Swiss private banking business.
Credit Suisse is one of several bidders shortlisted for the auction. The Swiss bank conducted due diligence, but later exited the process, the report said citing people familiar with the situation.
The report noted that binding bids for the two operations are due Thursday and an agreement with the winning bidder or bidders is expected to be completed before September end.
ING is selling the Asian and Swiss private banking assets separately. Bidders can choose to bid for just one operation or both entities.
The report said completed sale would help ING pay a 10 billion euros (USD 14.3 billion) lifeline it received from the Dutch government in October last year. The firm is now scaling down its operations and expects to raise between 6 billion euros and 8 billion euros by selling between 10 and 15 units.
JP Morgan Chase & Co is advising ING on the sale process.
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