ING Groep CEO Ralph Hamers

ING Groep CEO Ralph Hamers

Jasper Juinen/Bloomberg

ING needs the proceeds from the NN Group sale to help pay off debt, a prerequisite for the company’s final breakup into a separate bank and insurer. It may consider spinning off the remainder to existing ING Groep shareholders, Chief Executive Officer Ralph Hamers said at the company’s annual general meeting on May 12.