ING, end of bancassurance

The dismantling of ING imposed by the Economic Commission for Europe has entered into a critical phase.

The group has confirmed its will to list its European insurance activities, grouped in Nationale-Nederlanden (NN), on the Stock Exchange. This listing should take place before 31 December 2014.

This marks the end of the bancassurance model introduced by ING. Investment funds are willing to invest 1.275 billion EUR (1.75 billion USD). The Dutch group will now focus on its banking business.
ING has suffered a net loss in 2013 of 1.9 billion EUR (2.6 billion USD). ING still has to pay to the Dutch State 1 billion EUR (1.3 billion USD) of state aid granted in 2008.

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