ECONOMY

Finansbank sale changes ING’s Turk purchase plans

finansbank-sale-changes-ing-amp-8217-s-turk-purchase-plans

ING Groep NV, the Netherlands’ largest lender, has abandoned a plan to acquire HSBC Holdings Plc’s unprofitable Turkish unit, according to four people with knowledge of the matter.

HSBC’s sale process has been complicated by the fact that National Bank of Greece is simultaneously selling its Turkish unit Finansbank, an asset with a larger branch network and balance sheet than HSBC’s unit, two of the people said.

[Bloomberg]