ING stops Australian insurance activities

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.

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