ING's $10.6b asset sale to reduce risks

Dutch ING plans to sell operations worth up to 8 billion euros ($10.6 billion) to reduce risk, focus its bank on Europe, and manage its banking and insurance separately, boosting its shares yesterday.

ING, which was loss-making in 2008 and received a 10 billion euro injection from the Dutch state last October, said in a statement it wants to shed non-core activities worth 6 billion to 8 billion euros, or 10 to 15 businesses.

ING, which also said its insurance business would in future focus on life insurance and retirement services globally, had previously targeted divestments of 2 billion to 3 billion euros, and had already sold a stake in ING Canada.