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News Breaks | | | | October 9, 2012 | | 05:41 EDT |  | ING, BCS | ING to sell ING Direct UK to Barclays
ING announced that it has reached an agreement to sell ING Direct UK to Barclays. The transaction is part of ING's ongoing evaluation of its portfolio of businesses and is in line with ING's strategic objective to sharpen the focus of the bank. Under the terms of the agreement, the GBP10.9B, or EUR13.4B at current exchange rates, of savings deposits and GBP5.6B of mortgages, or EUR6.9B, of ING Direct UK will be transferred to Barclays, who will eventually integrate these businesses in its UK Retail and Business Banking division. The transfer of ING Direct UK's savings deposits and mortgages to Barclays will be executed by way of a court approved banking business transfer pursuant to Part VII of the UK Financial Services and Markets Act 2000. The transfer is expected to result in an after tax loss of approximately EUR260M. ING Bank will retain part of the UK investment portfolio of EUR9.0B as per Aug. 31 as part of ING Bank's total investment portfolio. Another part of the UK investment portfolio will mature or be liquidated in the coming months to facilitate the transaction which is expected to result in an after tax loss of approximately EUR60M to be reported in Q4 of 2012. The combined loss for the transfer of the business and the investment portfolio will be offset by an expected total capital release of approximately EUR330M due to Risk Weighted Assets release. The total transaction will therefore be capital neutral to ING Bank's core Tier 1 ratio. The transfer of ING Direct UK's savings deposits and mortgages is subject to various regulatory approvals and is expected to close in Q2 of 2013. | |
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News For ING;BCS From The Last 14 Days Check below for free stories on ING;BCS the last two weeks. |
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| May 16, 2013 | | 17:42 EDT | | ING | ING Group agrees to sell part of its direct stake in SulAmerica to IFC
ING announced that it has agreed to sell part of its direct stake in SulAmerica to International Finance Corporation, IFC. ING has agreed to sell approximately 26.5M units of SulAmerica, representing approximately 7.9% of SulAmerica's outstanding shares, for a total consideration of 400M Brazilian Reais, roughly USD 200M or EUR 155M at current exchange rates. These shares have been released from the obligations of the shareholders agreement between ING and the Larragoiti Family as announced on 28 February 2013. Upon the closing of both the sale to IFC and the transaction with the Larragoiti Family, in which ING agreed to reduce its 36.5% stake to just under 30%, ING's equity interest in SulAmerica will be reduced to approximately 21.5%. The market value of the remaining stake is approximately EUR 410M based on the closing share price of 15 May 2013, R$14.95, and current exchange rates. The transaction with IFC is expected to close within 30 days, while the transaction with the Larragoiti Family is expected to close in the third quarter of 2013 as it is subject to regulatory approvals. | | | 12:32 EDT |  | ING, BCS | EU bank stress test delayed until 2014 by regulator
The EBA agreed on recommendations to supervisors to conduct asset quality reviews on major EU banks. While banks’ capital positions were significantly strengthened under the EBA’s recapitalisation exercise, the objective of the asset quality exercises will be to review banks’ classifications and valuations of their assets so to help dispel concerns over the deterioration of asset quality due to macroeconomic conditions in Europe. Since appropriately reviewed balance sheets are a key input to an effective stress test, the EBA has also adjusted the timeline of the next EU-wide stress test so to conduct the exercise in 2014 once the asset quality reviews are completed. However, to ensure transparency and comparability over the years, the EBA will provide, in 2H, appropriate disclosure on the actual exposures of the EU banking sector. Reference Link | | | 08:33 EDT |  | ING | BofA/Merrill's gobal financial analysts hold an analyst/industry conference call
Global Financial Institutions Analysts discuss their Global Financials Quarterly Best Ideas Report on an Analyst/Industry conference call. Relevant companies AIG, ALL, ASBC, BCH, BKU, BBT, BBD, C, CMA, EVER, FITB, FHN, FRC, FULT, HBAN, ING, KEY, MTB, PNC, RF, STI, SUSQ, SNV, HIG, USB, WFC, XL and ZION may be included on the Analyst/Industry conference call to be held on May 16 at 10 am. | | | May 14, 2013 | | 05:44 EDT |  | BCS | Banks work deals from both sides of the field, WSJ reports
 Subscribe for More Information | | | May 13, 2013 | | 18:06 EDT | | BCS | Barclays gets shareholder lawsuit over Libor thrown out, Reuters says
Subscribe for More Information | | | 06:49 EDT | | BCS, ING | ECB member says negative deposit rates would help economy, Reuters says
Subscribe for More Information | | | May 8, 2013 | | 07:41 EDT | | ING | ING readies European insurance arm for listing next year, Reuters reports
ING Groep will speed up preparations for a stock market listing of its European insurance business in 2014 after completing the spin-off of its U.S. insurance and investment arm, reports Reuters.Reference Link | | | 05:37 EDT |  | ING | ING Group reports Q1 net profit 47c vs. 39c last year
Subscribe for More Information | | | May 7, 2013 | | 12:38 EDT | | BCS | Citigroup sues Barclays over Lehman losses, Reuters says
Subscribe for More Information | | | 06:01 EDT | | BCS | Antero Resources, controlled by Warburg Pincus, plans IPO, Reuters reports
Denver-based Oil and gas company Antero Resources, controlled by Warburg Pincus LLC, is preparing for an IPO that could value it at as much as $10B, sources say, reports Reuters. Antero hired Barclays (BCS), JP Morgan Chase (JPM) and Citigroup (C) to lead the deal, sources added. Reference Link | | |
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