Manila, Philippines - The Bangko Sentral ng Pilipinas (BSP) has approved the withdrawal of the trust license of Dutch financial giant ING Bank N.V. in Manila after a local bank acquired the trust and investment unit last year.
“Notice is hereby given that the Monetary Board, in its Resolution 710 dated May 3, 2012, approved the withdrawal of ING Bank N.V. Manila branch trust license by virtue of the sale by ING Bank N.V. Manila branch of its trust and investment management business and other related assets in the Philippines to Bank of the Philippine Islands (BPI),” Circular Letter 2012-064 stated.
In March last year, Ayala-led BPI completed the acquisition of the trust and investment units of ING first announced in 2010, leaving the latter with a commercial bank presence in the Philippines.
Consequently, BSP withdrew the trust license given to ING.
In total, BPI acquired and is now managing 32 investment funds from ING, the biggest in the Philippines, according to a statement issued announcing the transaction’s completion last year. As of the third quarter of 2010, ING investment management business in the Philippines has P78.4 billion in assets under management.
ING Investment Management continues to have a strong footprint in Asia, with presence in 10 countries, including the major economies of China, Korea and Taiwan
As of end-September 2010, ING served more than 85 million private, corporate and institutional clients in more than 40 countries, with a diverse workforce of about 107,000 people.