ING announced today that it has completed the sale of its Asian Private Banking business to Oversea-Chinese Banking Corporation Limited (OCBC Bank). OCBC Bank is Singapore’s longest established local bank and offers a wide range of specialist financial services.
As announced on 15 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 300 million. ING remains active in Asia with retail banking, insurance, commercial banking, investment management and real estate.

ING will continue its private banking activities in China through the stakes in Bank of Beijing, in India through ING Vysya Bank and in Thailand through TMB Bank. ING Private Banking activities in the Benelux and in Central Eastern Europe belong to ING’s core businesses.