Financial services group ING is pulling out of insurance and private banking in Australia and New Zealand and selling its alliance with local banking group ANZ to its partner for €1.1bn, the bank said in a statement on Friday.

ING, which had a €10bn capital injection from the Dutch government last year, is in the process of divesting a number of activities to raise between €6bn and €8bn. This involves withdrawing from 10 of the 48 countries it is active in.
Other units up for sale include its Swiss and Asian asset management operations.