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17 August 2009 - Dow Jones International News

India Religare Enterprises Bids For ING's Asia Assets

Religare Enterprises has submitted a non-indicative bid for Dutch banking and insurance company ING Groep's Asian private banking assets, the Economic Times reported on its Web site Monday, citing a person familiar with the development, speaking on condition of anonymity.

Zurich-based Credit Suisse and a couple of Singapore banks are also said to interested, the Web site reported him as saying.

A spokesman for Religare said the company didn't comment on market speculation, but that "we are constantly on the lookout for opportunities in line with our ambition of becoming a global leader in the financial services sector," the Web site reported. A spokesman for ING private banking refused to comment, it added.

Tags: ING private banking

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