FINSwire Oct 27 2009

ING Spinning Off to Remain Upright

FINSwire Team

ING will shed its insurance business and U.S. online bank in an attempt to simplify its operations. The divestments will shrink the company's balance sheet by half, from 1.37 trillion euros. The financial-services behemoth took in a large infusion of government capital last year, and has been trying to stand on its own two feet ever since. Their chief executive said "cash from divestments and retained earnings before the end of 2011 are expected to repurchase half of the capital-injection repayment."




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