ING Group completed the sale of its Asian private banking unit to Singapore’s OCBC, the biggest deal in the private banking sector since the financial crisis. Netherlands-based ING said the sale is in line with its strategy to focus on fewer franchises and reduces the group’s complexity. Read the Reuters story here.
Spain’s Ferrovial has no plans to tap equity markets in 2010, though its British airport operator BAA will continue to raise cash through bond issuance, chairman Rafael del Pino told Reuters on the sidelines of the World Economic Forum.
And in other news:
Bank of New York Mellon Corp is in late-stage talks to buy a PNC Financial Services Group business for about $2.5 billion, the Wall Street Journal reported, citing people familiar with the matter. Pittsburgh-based PNC has been shopping its PNC Global Investment Servicing business and a deal could come as soon as next week, says the report.
JP Morgan is launching a worldwide business aimed at selling loans and commercial banking services to multinational corporations, the Financial Times said. The new business will sell products ranging from loans to commodities and focus first on fast growing economies like China and India.