ING To Split Banking, Insurance Groups

Law360, New York (October 26, 2009, 7:11 PM EDT) -- ING Group NV will split its banking and insurance divisions and divest all its insurance operations by 2013, the company said Monday.

The Amsterdam-based financial institution will now focus mainly on banking in Europe “with selective growth options elsewhere,” the company said in a statement.

The divestment of the insurance operations will be done through initial public offerings, sales or a combination of both.

“Splitting the company is not a decision we took lightly,” said Jan Hommen, CEO of ING.

“ING has a proud history as...
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