Macquarie closes ING Asian deal
By Craig Phillips
MacquarieBank has wrapped up its purchase ofING Group’s Asian equity business for an undisclosed sum following the pair entering into exclusive due diligence talks in early February.
A number of ING’s operations in the region spanning 10 countries will now transfer to Macquarie, including its equity sales, trading and research interests.
The deal will also see Macquarie take on the Dutch bank’s Asian sales and trading desks in London, New York and other European and North American locations.
Macquarie Bank investment banking group head Nicholas Moore says the acquisition, which includes 428 staff and boosts the group’s ranks by 8 per cent, provides an opportunity to complement the existing equities platform with the bank’s Asian investment banking operations and equities interests in Australia.
Moore, who says a key priority is to maintain a high level of service to ING’s clients through the transition and beyond, is quick to reassure existing staff of their role within the new structure.
“Our intention is to expand this business. We do not expect any job losses. Any alteration to staffing in the short term will be minimal,” Moore says.
Completion of the acquisition is subject to regulatory approval in several countries and is expected to be formally concluded by the end of July.
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