Real-Time Quotes:
Forex Quotes
|
Currencies
|
Commodities
|
Stocks
|
World Indices
|
Rates & Bonds

Market News

Company News

Forex Brokers

Trading Tools


Crosses


  

UPDATE 1-ING pares down Asia leveraged finance team

2008-11-27 14:06:06 GMT (Reuters)
0
votes
 
View Comments (0)
Previous News | Next News
Text Size
Print
Email
Add a Comment

(Releads, adds ING spokesman)

HONG KONG, Nov 27 (Reuters) - Dutch financial services firm ING has cut the size of its leveraged finance team in Asia but remains in that business, the company said on Thursday.

ING joins a spate of institutions that have cut bankers specialising in lending for private equity deals as the credit crunch bites.

An ING official said that there had been redundancies in Asia but declined to say how many.

ING spokesman Adrian Simpson in London said the team still continued to function in Asia, but redundancies had been made.

Earlier, sources familiar with the matter told Reuters that the bank had shuttered its dedicated leveraged finance team in Asia about three weeks ago.

The team included about five bankers, as well as support staff, and was headed by Patrick Degg, one of the sources said.

Degg could not be immediately reached for comment.

Leveraged buyouts have been one of the biggest casualties of the credit crunch, and banks that had built up teams for the once-lucrative business of lending for private equity buyouts have been shedding staff.

The Carlyle Group, a Washington-based private equity powerhouse, recently shut an Asia leveraged finance group that it had set up in May 2007. (Reporting by Tony Munroe; Editing by Erica Billingham)

Content Provided by
Reuters
Reuters
Reuters is the largest international news agency -- providing professionals around the world with stories that move the markets.


  • Comments


Add a Comment
Title:
Your Opinion:
Forex Pros News RSS Feed
Forex Pros News RSS Feed
21 readers

Forex
Indices
Commodities
Rates & Bonds
 
EUR/USD
1.3767
+0.0086
+0.629%
GBP/USD
1.5188
+0.0127
+0.840%
USD/JPY
90.46
-0.05
-0.055%
AUD/USD
0.9152
+0.0000
+-0.005%
USD/CAD
1.0186
-0.0049
-0.479%
US Dollar Index
79.78
-0.50
-0.63%
  • Central Banks Rates
FED0.00%-0.25%
ECB1.00%
BOE0.50%
SNB0.25%
RBA4.00%
BOC0.25%
RBNZ2.50%
BOJ0.10%
 
 

  • Webmaster Tools
Economic Calendar
Interest Rates
Live Currency Cross Rates
Exchange Rates Table
 

  • Sponsored Links

  • Let expert trading strategies work for you! Chose the top performing system you want and start making great returns. It's free!

  • No Commissions. Free $100K Demo
    Account. Start Now w/$100 Min!

  • Automatic Forex Trading, Never Miss A Trade
    Proven Strategies Execute Trades For You
 
 

Special Offers: