ING is preparing to sell its US internet banking arm ING Direct USA, the Financieele Dagblad reports on Thursday.
A spokesman said the bank is ‘busy with preparations for the sale’ which in effect means merchant banks are being brought in to assess interest and draft a price indication, the paper says.
The European Commission ordered ING to sell the US internet banking business as one of the conditions for receiving €10bn in state aid during the economic crisis. The sale must take place before 2014.
ING is currently appealing against that ruling, the FD said.
The Commission also ordered ING to hive off its insurance activities and sell Westland Utrecht Bank.
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