After being bailed out with EUR 11B in emergency funds from the Dutch Government in October 2008, financial company ING Groep NV has been forced to restructure its business model.
ING Groep NV announced yesterday that as a part of an agreement with the European Commission to pay back its state aid early, the Bank will split its banking and insurance businesses, ultimately getting rid of the latter. ING said that it will sell its insurance units through initial public offerings over the next four years in order to focus solely on banking.
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