ADVFN - Advanced Financial Network.
HOME» NYSE » I » ING Stock Price » ING Stock News

Ing Share News

 Ing Groep N.v. Stock Price
ING Stock Price
 Ing Groep N.v. Stock Chart
ING Stock Chart
 Ing Groep N.v. Stock News
ING Stock News
 Ing Groep N.v. Company Information
ING Company Information
 Ing Groep N.v. Stock Trades
ING Stock Trades

ING Talks Down Asia Fund-Arm Sale Expectations

Dutch bank ING Groep (ING) has warned that the planned disposal of its EUR43 billion Asian fund business could fetch less than half the EUR500 million anticipated in May. In its second-quarter results statement, ING confirmed the book value of its business is EUR200 million. ING sources said the takeover price could be even lower. In the second quarter, the business made a loss of EUR2 million, against a profit of EUR2 million in the same period last year. An investment banker who has inspected the ING fund business said he would not even pay €100m for it: "More than half of it is work done for ING insurers in Korea and Taiwan. There is too much uncertainty over the fees they will pay in future." He pointed out that ING's Asian insurance businesses were up for sale, leading to further uncertainty. Credit Suisse, advising on the investment sale, declined to comment. An ING spokesman declined to comment on the talks beyond confirming sales needed to be finalised by the end of 2013, to comply with European Union requirements. An initial public offering for its European insurance and investment businesses planned. US reinsurance businesses have been sold. Reduced expectations at ING follow difficulties experienced by other banks selling investment businesses. Deutsche Bank (DB), UniCredit (UCG.MI) and Santander (SAN) have pulled disposals. Last week, Societe Generale (GLE.FR) sold majority control of U.S. asset manager TCW at a price said to value it at $700 million. In 2001, SG paid $880 million for a 51% share of the business, which at that time was a far smaller business. Last week, Dai-ichi Life Insurance of Japan confirmed it would buy up to 20% of U.S.-listed manager Janus Capital struck on a share price that has fallen 75% over five years. Executives at Dexia Asset Management, owned by troubled Franco-Belgian bank Dexia, had expected to achieve bids worth EUR750 million for their business earlier this year, according to media reports. But talks with Chinese private equity firms are unlikely to produce offers much higher than EUR500 million. Neither Dexia nor the Chinese would comment. But private equity managers said prices had dropped to a level where purchases could now make sense. ING also confirmed last week that it intends to break up its Asian insurance businesses. The book value of its Japanese business was EUR2.1 billion; Korea was worth EUR2.5 billion and the rest of south-east Asia EUR1.5 billion. Web site: www.efinancialnews.com Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Ing (ING)
DateTimeHeadline
06/13/201411:07:37Poland's May CPI Falls Unexpectedly
06/05/201415:01:13ING Moves Ahead With NN Unit IPO -- Update
06/05/201402:42:07ING Moves Ahead With NN Unit IPO
05/16/201404:20:08ING Groep Completes EUR1.125 Billion Note Issue
05/07/201417:32:03ADR Shares End Mixed; Delhaize, ING Shares Active
05/07/201409:07:17ING Hit By Restructuring Costs -- Update
05/07/201403:24:59ING Hit By Restructuring Costs
05/06/201417:18:57ING Groep 1Q Results -- Forecast
04/29/201404:03:13Dutch Central Bank Sets Out Capital Buffers
04/22/201402:58:35ING Bank Names Roel Louwhoff as Chief Operating Officer
04/02/201412:49:22European Stocks Notch Seventh Straight Day of Gains--Update
04/01/201403:41:57Singapore OCBC Makes Near US$5 Billion Offer For Wing Hang Bank...
03/31/201417:16:48ADR Shares End Higher; ING, Novartis Shares Active
03/31/201412:29:09EUROPE MARKETS: European Stocks End Mixed On Inflation Jitters
03/31/201410:29:55EUROPE MARKETS: European Stocks Push Higher After Weak Inflation
03/31/201407:13:19ING Aims to Resume Dividends Next Year -- Update
03/31/201406:22:12EUROPE MARKETS: European Stocks Pare Gains After Weak Inflation...
03/31/201404:55:55EUROPE MARKETS: European Stocks Firm Ahead Of Inflation Data
03/31/201404:40:08ING Aims to Resume Dividends Next Year
03/18/201410:55:58ING U.S. Unveils Stock Buyback

Ing and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad