ING to Speed Up Reorganization After Revised Deal With EU

ING Groep NV, the biggest Dutch financial-services company, will complete its reorganization two years earlier than planned after winning regulators’ permission to combine its Japanese insurance unit with European operations in a 2014 initial public offering.

Under its agreement with the European Commission, ING will accelerate the sale of its European insurance and investment management activities by two years to the end of 2016, the Amsterdam-based company said today. The deadline to sell more than half of ING Life Japan was extended by two years to the end of 2015 after the company failed to find a buyer. The stock reached a five-year high.