ING hires investment banks for strategy review, mulls Benelux merger - report |
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Thu, 22 Mar 2007 08:08
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AMSTERDAM (AFX) - ING Group NV has hired investment banks Goldman Sachs and JP Morgan to act as as advisors on a strategic reorientation, which could include linking up with a partner in Benelux, Het Financieele Dagblad reported, citing 'sources in the financial community'.According to the sources, ING is mainly looking to grow its banking activities, the paper said, noting seven out of ING's eight management board members have a banking background.The paper named Fortis, Dexia and KBC as likely targets, noting ING is worth almost 70 bln eur.According to the sources, a link-up with Fortis, which has a market capitalisation of more than 40 bln eur, is one possibility.tfn.amsterdam@thomson.comls/ms1COPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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