ING on Restructuring Spree
ING Group NV has seen net profit improvement in the third quarter on its investments, and streamlining plans are reported to be on track. The company finalized strategies on shunting some of its Dutch retail banking operations, their insurance business deals with insurance, and U.S. online bank, thereby introducing rights issue for €7.5 billion.
For a period of nine months, in the first half, ING had cut down its expenditures by €1 billion and is expecting to touch €1.3 billion by the end of the year. It has been reported that the company was planning to keep the insurance businesses and banking apart.
In October 2008, ING had seen profits of about 10 billion euro capital injection with the help of the Dutch government but the company acquired losses of about 478 million Euros as well in the same year, but during the third quarter, ING came back strongly thus demonstrating the potentiality of its banking and insurance franchise even during the crisis situation that has been prevailing. ING also plans to separate its insurance businesses as a method of reformation for which the EU is essential to permit Dutch state aid.
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