ING Group (ING) said it has completed the sale of its Asian Private Banking business to Oversea-Chinese Banking Corp Ltd, or OCBC Bank. OCBC Bank is Singapore's local bank and offers a wide range of specialist financial services.
The transaction will generate an estimated net profit for ING of approximately EUR 300 million.
ING will continue its private banking activities in China through the stakes in Bank of Beijing, in India through ING Vysya Bank and in Thailand through TMB Bank.
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