Reuters India, 13 Oct 2009
SINGAPORE (Reuters) - DBS Group, Southeast Asia's biggest lender, has pulled out of the race to buy ING's (private banking unit in Asia, as it did not want to pay a premium for the business, a source with knowledge of the deal told Reuters.
This leaves HSBC as the strongest player for the Asian assets, which bankers said ING may try to sell for about $1 billion after it agreed last week to sell its Swiss assets to Julius Baer for 520 million Swiss francs ($507 million).
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