ING plans to sell Latin American operation
ING Groep NV is to sell most of its Latin American operation to Colombia’s GrupoSura for $3.7 billion in a deal resulting from its state rescue in 2008, Reuters reported. ING agreed to split its bank and insurance operations in return for European Commission approval for 10 billion euros of state aid it received in the financial crisis in 2008. It has said that it plans to repay the Dutch state in full by May 2012 following various asset sales, Reuters said.
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