Sunday, 22nd November 2009

 
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3 September 2009 - The Wall Street Journal

Credit Suisse bows out of auction for ING units

Credit Suisse Group has exited from the bidding for Dutch financial services firm ING Groep NV's Asian and Swiss private-banking businesses ahead of Thursday's bidding deadline, according to people familiar with the situation.

Credit Suisse was one of several bidders short-listed in the auction and had conducted due diligence before exiting, these people said.

A completed sale would help ING pay down a 10 billion euro ($14.22 billion) lifeline it received from the Dutch government in October. The Dutch company is scaling down its operations and expects to raise between 6 billion euros and 8 billion euros by selling as many as 15 units.

Binding bids for the two operations are due Thursday. An agreement with the winning bidder or bidders is expected to be completed before the end of September, one person said.

ING is selling the Asian and Swiss private-banking assets separately. Bidders can choose to bid for one operation or both.

J.P. Morgan Chase & Co. is advising ING on the sale process.

By Rick Carew

Tags: Credit Suisse

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