ING plans massive sell-off to adjust risk for its insurance unit - by Darla Mercado
The Amsterdam, Netherlands-based financial services giant ING ( recently bailed out by the Dutch Government) said that it would sell assets and adjust its risk profile for its insurance unit. ING said that it would operate its bank and insurer separately under one group umbrella. ING also said that it would reduce its U.S. financial products division as its assets mature, and that while it will retain its positions in Central Europe, Latin America and Asia/Pacific, it will review its life insurance activities in China and Japan. The company’s investment management operations in the Americas, Asia/Pacific and Europe will also be combined into a global investment management organization. That organization will include real estate investment management.
On the banking side, ING said that it would concentrate on European banking and would strengthen business in Poland, Romania, and Turkey through its retail banking unit in Central Europe.
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