ING to pull out of 10 countries

Financial services group ING is to pull out of 10 of the 48 countries it is currently active in, the Financieele Dagblad reports on Friday.

ING’s CEO Jan Hommen made the announcement during a financial conference in Frankfurt, the paper says.
ING plans to raise between €6bn and €8bn to counteract the effects of the credit crisis by selling non-core activities. The company has had a €10bn bail-out from the Dutch treasury.
The paper did not publish details about which country activities are to be sold.

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