16th Dec 2015 13:01
LONDON (Alliance News) - Dutch lender ING Groep NV stepped away from a deal to acquire HSBC Holdings PLC's unprofitable Turkish unit, Bloomberg reported on Wednesday.
The report, which cited four people with knowledge of the matter, said regulatory hurdles were part of the reason for the decision.
Talks stalled after a deal had looked close in the summer, according to the report, which prompted HSBC to re-approach Turkish banks including Garanti and Yapi Kredi.
ING and HSBC declined to comment, the report said.
http://www.bloomberg.com/news/articles/2015-12-16/ing-said-to-abandon-plan-to-buy-hsbc-s-unprofitable-turkish-unit
By Samuel Agini; [email protected]; @samuelagini
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