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ANZ Is Perfect Suitor For ING's Asian Private Bank Business, Says Analyst - Report
Netherlands-listed ING, which is looking to sell its Asian private banking operations, could find an ideal buyer in the shape of Australia & New Zealand Banking Group, according to Daiwa Institute, Bloomberg reported.
The ING business would represent a “compelling strategic fit” for ANZ. The bank’s strong market capitalization “puts it in a strong position to pursue strategic acquisitions in Asia”, said Daiwa analyst Johan Vanderlugt in a note to clients today, the news agency said.
ANZ has a “potential war-chest” of as much as A$3.3 billion ($2.75 billion), the report said.
As reported earlier this week, ING has sent out preliminary sales documents to potential buyers of its Asian and Swiss private banking assets.
