ING in a Swiss banking sale

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It is selling its Swiss private-banking operations to the local rival Julius Baer for Swfr520 million (£317 million).

The deal covers Swfr15 billion of assets under management, which is around 10% of Baer's current funds under management, and includes operations in Monaco and Jersey. Baer said it expected the deal to produce savings of around Swfr35 million a year as it merged IT and back offices and after "streamlining" ING's 310 staff.

ING, which was bailed out by the Dutch government to the tune of 10 billion (£9.2 billion) a year ago, said the sale was part of its Back to Basics programme and that it is still in talks to sell its private-banking operations in Asia.

It said it would keep private-banking operations in Benelux and central eastern Europe.