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ING Groep NV Targets May Launch Of $1.2 Billion Thai Bank Stake Sale; CIMB Group Holdings Bhd And Malayan Banking Berhad May Participate In Auction-Reuters


Monday, 15 Apr 2013 12:16am EDT 

Reuters reported that ING Groep NV is targeting a May launch of the sale of its $1.2 billion stake in TMB Bank PCL, awaiting Malaysian election results to include more bidders. The sale of the 31% stake is important both for ING's five-year effort to repay a EUR10 billion ($13 billion) state bail-out and for the broader Southeast Asian financial industry. Targeting a May launch is meant to encourage Malaysia's two dominant banks, CIMB Group Holdings Bhd and Malayan Banking Berhad to participate in the auction. The auction is also expected to attract interest from Japanese, Chinese and South Korean lenders, the people said, and could result in an offer for the entire bank, which has a market value of $3.8 billion. ING has picked J.P. Morgan to find a buyer for the stake. 

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