ING Groep NV is a Dutch multinational financial services company headquartered in Amsterdam. The company was said to be seeking a buyer for its 43% stake in ING Vysya Bank. The move was after limited prospects in banking purpose in India and tough competition in retail markets. This made the company think about its local strategy that led it to possibly sell off the bank. This was according to five people familiar with the matter.
ING had been selling its assets across the Asian region. It had also put some of its assets on sale in Europe. The proceeds of the sale were to be used to repay the Dutch government for bailing it out during the 2008 global financial crisis.
ING might exit the domestic banking sector that included retail, corporate and treasury businesses. The company would redirect its focus on corporate banking, said sources. ING had received EUR10 billion in state aid from the Netherlands in 2008.
ING would get at least USD600 million at current market prices if the sale pushed through. ING needed to boost its capital to be able to meet the Basel III regulations in India.
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