Macquarie Bank yesterday signed a final sales and purchase agreement to buy ING's Asian cash equity business. The deal is based on adding ING's vaunted distribution platform to Macquarie's undoubted skills in creating innovative securities and investment banking products.
The move will see Macquarie assume all the risk of the ING business now before full control is taken at the end of July, once all regulatory hoops have been jumped through. Some 428 ING staffers will become employees of Macquarie and the business will be rebranded Macquarie Equities.
It is understood Macquarie has bought 100% of the business and that there is no earn out or delayed payment structure...
