ING is selling its car lease division ING Car Lease to German car maker BMW for €700m in cash.

The Dutch banking group said it expected to finalise the deal in the fourth quarter of this year. ING Car Lease has a fleet of some 240,000 cars in eight European countries.
‘The sale… illustrates ING’s continued actions to streamline our business and simplify the company,’ ING chief executive Jan Hommen said in a statement.
ING has been revamping its operations since it was bailed out by the Dutch government during the financial crisis in 2008. The group’s insurance activities are being sold under pressure from the European Commission.