ING abandons insurance activities

ING, Specialized in banking and insurance, is planning to redefining its operations by 2013. Within the framework of its repositioning, the Dutch group is intent to withdraw from insurance and investment management.
It shall refund the loans granted by the Dutch State by issuing 7.5 million shares and buying back 5 billion EUR (7.4 billion USD) of ING shares available on the stock market in December 2009. ING Direct USA and some operations in the Netherlands will be ceded.