6th Jul 2015 05:46
LONDON (Alliance News) - Dutch financial services company ING Groep NV has entered exclusive talks to acquire the Turkish arm of HSBC Holdings PLC, the Financial Times reports.
HSBC outlined plans to sell the loss-making Turkish business as part of a strategic overhaul it announced last month, which also includes plans to sell its Brazilian business, cut 25,000 jobs, and cut assets in its investment bank.
For ING, the deal would mark a return to deal-making, having been banned from doing acquisitions under European state aid rules until only a few weeks ago.
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By Sam Unsted; [email protected]; @SamUAtAlliance
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