ING Group is in talks with its Dutch compatriot ABN Amro to sell its U.S. investment bank holdings, ING Barings, for around $200 million, confirming its intentions, announced in November, to abandon plans to create a global investment banking business.
ING, one of the world’s largest financial services and insurance groups, had hoped, following its purchase of New York broker Furman Selz in 1996 for $600 million and its 1995 bailout of Barings Bank, to become a major global force in investment banking, but has now confirmed that it will concentrate on insurance and financial management, and has put Barings and its related units up for sale.
ABN Amro, another global Dutch bank, has aggressively entered the U.S. market, and hopes to increase its presence in stockbroking and clearing services by acquiring the ING units. It recently bought Michigan National Bank for $2.75 billion, and does substantial business in the Midwest.
Was this article valuable?
Here are more articles you may enjoy.