ING sets up new wing

ING sets up new wing

SINGAPORE (AFP): The Internationale Nederlanden Groep (ING), the new owner of British bank Barings plc, has incorporated a new wing in Singapore to trade in futures, a report said yesterday.

Barings' futures arm, Barings Futures Singapore (BFS), is under judicial management after its chief trader Nick Leeson allegedly chalked up mammoth losses crippling Britain's premier merchant bank in March.

Singapore's leading daily The Straits Times said ING's new futures unit, known as Barings Futures International (BFI), had yet to start trading.