The acquisition covered ING’s cash equity sales, equity trading, facilitation trading, execution, research and equity capital markets businesses in Hong Kong, Korea, Japan, Taiwan, Thailand, Singapore, China, Indonesia, Malaysia and the Philippines.

Macquarie also purchased ING’s Asian sales and trading desks in London, New York and elsewhere in Europe and North America.

The deal was led by Bakers’ Hong Kong office, but included 10 of its other offices across Asia, Europe and the US. The team was led by David Fleming and Milton Cheng, partners in the M&A group in Hong Kong.

“Given the number of jurisdictions involved, the complexity of the legal and regulatory issues, and the speed with which the transaction was negotiated and signed and due diligence completed, the deal required efficient coordination and commitment of our resources across the region,” said Cheng.

Head of Macquarie Bank’s Investment Banking Group Nicholas Moore, said the businesses were seen as a good “strategic fit” with Macquarie’s ambitions in Asia.

“This acquisition will give Macquarie critical mass in institutional broking in the Asia-Pacific, which is our home region. It allows Macquarie to broaden its activities and is an ideal extension to Macquarie’s existing infrastructure, equity capital markets, mergers and acquisitions, and other investment banking capabilities in our region,” added Macquarie Bank Managing Director and CEO, Allan Moss when the deal was announced.

He said the purchase would increase Macquarie’s staff by 8 per cent and would not lead to any substantial job losses.

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The acquisition is expected to be formally completed before 31 July.