Deals
ING’s Sale of Canada Online Bank May Help State Repayment
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ING Groep NV’s $3.16 billion sale of its Canadian online bank to Bank of Nova Scotia may put the largest Dutch financial-services company closer to repaying state aid from its 2008 bailout.
The transaction, announced late yesterday, is expected to lead to a 1.1 billion-euro ($1.4 billion) gain after tax, Amsterdam-based ING said in a statement. Selling the Canada unit will also free up about 1.4 billion euros in capital.