- Title: UNITED KINGDOM : DUTCH GROUP ING PURCHASES TROUBLED BRITISH MERCHANT BANK BARINGS
- Date: 6th March 1995
- Summary: LONDON, UNITED KINGDOM (MARCH 6, 1995) (RTV - ACCESS ALL) 1. SV ING CHAIRMAN AAD JACOBS AND OTHER IMG EXECUTIVES ON STEPS OF BARINGS BANK WITH MEDIA IN FRONT (2 SHOTS) 0.31 2. SCU COPORATE MARKET ANALYST STEPHEN LAWRENCE SPEAKING (ENGLISH) 0.54 3. TWO-SHOT OF LAWRENCE AND REPORTER 0.56 4. SCU LAWRENCE SPEAKING (ENGLISH) 1.17 SEQUENCE 2 TRANSCRIPT: LAWRENCE :"I THINK IT MUST BE. IT GIVES ING A PLACE IN THE U.K MARKET PLACE AND IT GIVES IT A STRONG INVESTMENT BANKING POSTION WHICH IT DIDN'T HAVE BEFORE. THE CITY OF LONDON IS BECOMING MORE IMPORTANT. WE SAW THAT WITH DEUTSCHE BANK AND IT'S INTEGRATION WITH MORGAN GRENFALL. SO THIS DEAL WITH ING GIVES IT A STRONG POSITION IN THE CITY" SEQUENCE 4 TRANSCRIPT: LAWRENCE :"I THINK IT'S GOING TO BE A VERY GOOD DEAL FOR BARINGS' DEPOSITORS WHO I THINK TODAY, WILL BE RUBBING THEIR HANDS WITH GLEE. IT'S ALSO A GOOD DEAL FOR BARINGS' EMPLOYEES AS WELL, WHETHER ING ARE GOING TO MANAGE BARINGS THE SAME WAY THAT BARINGS MANAGEMENT DID. WE'LL HAVE TO WAIT AND SEE" Initials Script is copyright Reuters Limited. All rights reserved.
- Embargoed: 21st March 1995 12:00
- Keywords:
- Location: LONDON, UNITED KINGDOM
- City:
- Country: United Kingdom
- Reuters ID: LVA8644UWVR8H26KIKLU2F2AVC5F
- Story Text: Dutch bank and insurance group ING said on Monday (March 6) its purchase of stricken British merchant bank Barings was a major boost to its expansion plans.
"I'm delighted. It's a fantastic fit with our plans and will give us an enormous boost," Aad Jacobs, chairman of ING (Internationale Nederlanden Groep), told Reuters after learning his bid had won.
Barings, which has counted Britain's Queen Elizabeth among its customers, said it had accepted a rescue deal with ING that would give it a huge cash injection to carry on trading.
ING announced that it had concluded the package in a late-night haggle on Sunday which fended off a rival bid for parts of Britain's oldest merchant bank by Dutch bank ABN AMRO and U.S.
broker Smith Barney.
The historic family name of 233-year-old Barings, which helped finance the British Empire, will be preserved along with 4,000 jobs in the hastily struck deal.
A corporate market analyst for ING, Stephen Lawrence, said the rescue deal gives his company a good investment banking position in the City of London, and would be good for Barings depositors and employees as well.
Barings crashed a week ago under the weight of 900 million United States dollars in trading losses on Far East markets in one of the most spectacular collapses of modern finance.
The crisis triggered deep concern in London's financial district about how such a pillar of the British establishment could be crippled so quickly by the disastrous deals by Singapore-based trader Nick Leeson.
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