ING aims to beef up trade finance capabilities by centralising operations in Asia
ING seeks to capitalise on the increased trade flows into Asia, as the current recession in Europe continues to drive European companies to shift their exports to the region. October 11, 2012 | Foo Boon PingContrary to talk that it is retreating from Asia because of the on-going Euro zone crisis and increased capital requirements under Basel III, ING says it will continue to beef up its transaction banking capabilities, trade finance in particular. ING has been in the news lately since it officially launched the sale of its Asian insurance and asset management operations. The reason for selling its Asian assets is to meet the conditions of the $13 billion bailout by the Dutch government following the 2008 financial crisis. So far, its wish to sell the insurance business in Asia in one piece has been hampered by the sheer size of the $7.9 billion transaction. AIA has been widely seen as a front runner in the race to buy the assets in Thailand and Malaysia. Besides Asia, ING is also looking to sell its US internet banking unit ING Direct USA by 2013. Leveraging existing strengths ING has a strong tradition in trade finance in Asia, and its global head of trade finance services, Juultje van der Wijk, says it will continue to keep its focus in the region. “We are growing our sale force here because we are increasingly providing our Asian companies with trade, payment and other transaction services. Asia is an important growth market. It is a growth market where our investments and resources give us some very good returns,” said van der Wijk. ING is also centralising its operations in a number of key locations in the region, such as Singapore and Hong Kong to service the smaller offices in its network. One of its hubs is in Singapore from which its other trade operations function are based, and from which it supports some of the bank’s smaller European offices. In the midst of the global deleveraging process and Eurozone malaise, European banks have been constrained by a lack of US dollar funding which is essential for their international trade financing business. This has fuelled talk that th... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
Categories: China, Trade Finance, Transaction BankingChina,Trade Finance,Transaction Banking, China,Trade Finance,Transaction Banking, Keywords:ING, AIA, Juultje Van Der Wijk, Basel III ING, AIA, Juultje van der Wijk, Basel III
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