ING (ING) May Sell Car Lease Unit at Discount to BMW
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Bayerische Motoren Werke AG (BMW) is to acquire the Car Lease division of ING Group (NYSE: ING) in a deal expected to be valued at €700 million.
According to sources, ING said the sale is an effort to simplify its business and focus on core banking operations.
The roughly $1 billion deal should release about €530 million of capital and add about 0.17 points to the group's Tier 1 capital ratio.
Reuters notes a Dutch paper reported the unit's lease operations could be worth about €4 billion, comprising of €3 billion in debt and €750 million of extra capital.
ING shares are flat ahead of the bell.
According to sources, ING said the sale is an effort to simplify its business and focus on core banking operations.
The roughly $1 billion deal should release about €530 million of capital and add about 0.17 points to the group's Tier 1 capital ratio.
Reuters notes a Dutch paper reported the unit's lease operations could be worth about €4 billion, comprising of €3 billion in debt and €750 million of extra capital.
ING shares are flat ahead of the bell.
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