ING announced today that it has completed the sale of its Swiss Private Banking business to Julius Baer, the leading pure-play Swiss Private Banking group.

As announced on 7 October 2009, the divestment is in line with ING’s Back to Basics strategy to focus on fewer franchises and reduce the complexity of the group.

The transaction will generate an estimated net profit for ING of approximately EUR 150 million. ING Private Banking in the Benelux and Central Eastern Europe remain part of the core business of the Bank.