AMSTERDAM (Reuters) - Dutch financial services group ING , which had to sell assets because it received state aid in the 2008 crisis, said it will renegotiate its restructuring with the European Commission, potentially reducing the extent of the ongoing divestments.
Damages related to Greek debt exposure continue to mount. ING and BNP have both taken writeoffs related to Greek debt and both are cutting jobs.Expect more damage related to sovereign debt in Spain, Portugal, and Italy as well as general writeoffs related to the European recession. Please see Europe Undeniably in Recession; Germany Manufacturing PMI Contracts for First Time in Two Years, New Orders Collapse for a discussion of the recession.
HONG KONG (Reuters) - Macquarie Group , U.S.-based Principal Financial Group and Singapore's United Overseas Bank are among suitors that have submitted bids for ING's Asian asset management business in a deal that may be worth around $500 million to $600 million, said sources familiar with the matter. ING is selling its Asian asset management and insurance businesses in a roughly $7 billion deal to help repay the state bailout it received after the largest Dutch financial services company almost collapsed during the 2008 global crisis. ...
AMSTERDAM (Reuters) - Dutch financial services group ING Group said on Thursday it would cut 2,700 jobs at its Dutch banking operations to cope with a deteriorating market, which led to Greek and other impairments.
Reuters - Dutch financial services group ING Group said on Thursday it plans to divest operations worth up to 8 billion euros ($10.6 billion) to reduce risk and focus on Europe, life insurance and retirement services.