ING on Monday unveiled a radical break-up forced on it by the European Commission that will see the Dutch financial services group sell off its insurance and investment management business following last year’s state-bail out. The order to dismantle ING goes much further than expected from Europe’s competition authorities, and will force ING to offload its insurance business, worth €12bn-€15bn, and focus solely on banking. The break-up will also see ING sell ING Direct USA, its US banking arm. See also FT Alphaville on ‘Break-ING up‘.

This entry was posted by Gwen Robinson on Tuesday, October 27th, 2009 at 4:49 and is filed under Capital markets, M&A. Tagged with ing. Edit this entry.