Financial Daily from THE HINDU group of publications
Tuesday, Mar 09, 2004
Financial Daily from THE HINDU group of publications Tuesday, Mar 09, 2004 |
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Money & Banking
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Private Banks `ING has no equity business in India' — No impact here of sale to Macquarie Bank Our Bureau
Bangalore , March 8 THE exit of the global financial powerhouse ING Group from the Asian private equities business would not have any impact on India. The ING's India representative and the Managing Director of the ING Vysya Bank, Mr Bart Hellemans, said: "There will be no impact on India. We have no such business here." ING has sold its Asia equities business to the Australia-based Macquarie Bank Ltd. The sell-off included Asian cash equities sales, trading, research and equity capital markets operations in 10 countries in Asia and key locations in Europe and the US. In India, all its existing business would continue, Mr Hellemans said. This would include its operations through ING Barings, which it took over in the last decade. ING Barings is a registered foreign institutional investor. ING Vysya would continue to offer its bouquet of services in the country. ING's product profile in the country includes equity derivatives, mergers & acquisitions advisory, debt capital markets, fixed income trading, sales and research, treasury, structured finance, syndicated loans, securitisation, foreign exchange, money markets and derivatives and trade & commodity finance.
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