ING sells non-core activities

ING is to sell non-core activities with a total value of between €6bn and €8bn as market conditions permit, the financial services group said in a statement on Thursday.

The bank plans to ‘go back to basics’ and focus on fewer key markets, primarily in Europe.
‘We will be focusing on fewer but more transparent products,’ CEO Jan Hommen said. ‘We need to put our customers first in everything we do and we will make the relationship with our customers our most important objective.’
The bank also said that its cost cutting programme was on target. In February, ING announced plans to cut 7,000 jobs and reduce spending on sponsorship, such as Formula 1 racing.
Last year the bank received a €10bn bail-out from the Dutch government and also has a €22bn guarantee on its risky US mortgage portfolio.
Earlier ING has said it planned to sell off activities totalling €2bn to €3bn. ING Canada has already been sold.

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