ING unveils cash call and split plans
Tuesday 27 October 2009
lNG, the bank bailed-out by the Dutch state, yesterday unveiled plans to split itself in two and raise €7.5bn (£6.9bn). The move will allow the company to pay back €5.9bn of its €10bn loan from the Netherlands early.
The cash was received in October 2008 shortly before the crunch forced the bank to report its first loss. ING, which owns ING Direct in the UK, is aiming to sell its insurance and investment management assets by 2013 as part of the split. Yesterday's moves are thought to be linked to the findings of an EU inquiry into the state aid received.
The bank will have to pay an additional €1.3bn for state guarantees. Europe is taking an increasingly tough stance on state aid, and is investigating Royal Bank of Scotland and Lloyds.
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