ING Group today announced that it has agreed to sell its 70% stake in one of its Swiss private banking units, Banque Baring Brothers (Suisse) SA, to the unit’s chief executive officer and 30% shareholder, Eric Sturdza.
The transaction is subject to applicable regulatory approvals and is expected to be completed by the end of 2005. Financial terms of the sale were not disclosed, however, the transaction will have no material impact on ING Group’s earnings.
Based in Geneva, Switzerland, Banque Baring Brothers has approximately CHF 2.5 billion (approximately EUR 1.6 billion) in assets under management. It has been providing private client services under Mr. Sturdza’s leadership for the past 20 years.
ING Private Banking will continue to focus on expanding its business in Switzerland through ING Bank (Switzerland). ING Private Banking has offices in 15 countries including The Netherlands, Belgium, Singapore, Argentina and the US.
ING was advised on the transaction by ING Corporate Finance.
Press enquiries: ING Group
Mark Goedbloed, +31 20 541 5469, [email protected]
ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 60 million private, corporate and institutional clients in over 50 countries.
With a diverse workforce of about 114,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand.