ING has turned down takeover bids for its activities in Belgium

The insurer ING is compelled by Brussels to give up its life and non-life operations in Belgium in return for the 13 billion EUR (18.3 billion USD) bailout received during the 2008 financial crisis. ING has believed that the bids so far received were ridiculous, refusing to sell off the targeted subsidiaries, ING Life and ING Non Life. Both entities generate a turnover of 900 million EUR (1 192 million USD).