Macquarie set to buy ING Asian business

By Craig Phillips

MacquarieBank has entered exclusive negotiations with Dutch bankINGGroup over plans to acquire the latter’s Asian equity business — a variety of equity sales, trading and research interests spanning 10 countries across the region.

The pair have entered “into a period of exclusive due diligence” in relation to the deal, which would also result in Macquarie taking on ING’s Equity Capital Markets business in Asia, along with its Asian sales and trading operations in London and also its Asian sales interests in New York.

It is understood the deal, if concluded, would result in ING continuing to offer equity derivatives, mergers and acquisitions advisory, debt capital markets and fixed income products, foreign exchange and treasury, structured finance and syndicated loans to clients across 12 Asian countries.

Macquarie and ING will reveal further details of the planned sale before the end of next month.

Meanwhile, Macquarie an-nounced last week it expects to report strong profit growth this year (ending March 31) largely on the back of favourable market conditions both domestically and internationally and the realisation of a number of assets.

The realisations, according to Macquarie chief executive officer Allan Moss, were the “culmination of years of investment” within Macquarie Direct Investments, along with its treasury and commodities and financial services groups.

However, Moss warns a repeat performance next year will be a challenge for the bank, especially given the weaker US dollar’s impact on the bank’s international income.