ING to split into two, issue new shares

Financial services group ING is to ‘completely separate’ its banking and insurance operations, the company said in a statement on Monday.

The structure and make-up of the board will also be revised, the company said.
The process will begin next year and be completed by 2013.
At the same time, ING is to issue €7.5bn in new shares and the proceeds will be largely used to pay back part of its €10bn state loan, the company said in another statement.
ING also said preliminary figures show it had made net profit of €750m in the third quarter of this year.

More to follow

For the Reuters report on this, click here

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