The Wall Street Journal, 11 Sep 2009
Standard Chartered PLC has dropped out as a bidder in the contest to buy ING Groep NV's Swiss and Asian private banking business, according to people familiar with the situation.
NG had originally hoped to select a buyer for the business later this month, but that target has been pushed back, according to people familiar with the situation. The slowdown in the sale's timetable is due to a request from Singaporean regulators to vet potential buyers for the Asian business and ING's efforts to gauge the support of its private banking managers for the potential buyers, according to one person.
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