ING Says It’s Preparing for Sale of U.S. Online-Banking Unit
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ING Groep NV, the biggest Dutch financial-services company, is preparing to sell a U.S. online-banking division with a book value of $8.9 billion to meet European Union conditions for the firm’s bailout.
“We agreed with the European Commission to sell ING Direct USA before 2013, as well as our insurance and investment management operations,” Raymond Vermeulen, a spokesman for the Amsterdam-based company, said by telephone today. “To make sure you can comply with all requirements, you need to make timely preparations.”