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Article: Shrinking ING may shed brokers, funds; Dutch firm to split bank and insurance groups; weighs IPO, divestitures.(News)
- Article from:
- Investment News
- Article date:
- November 2, 2009
CopyrightCOPYRIGHT 2009 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Kelly and Jessica Toonkel Marquez
A wrecking ball has hit ING Groep NV's global supermarket of financial services, whose many parts include a $600 billion global asset management business and a U.S broker-dealer network of 8,700 reps and advisers.
Last Monday, regulators in Europe ordered the Dutch financial conglomerate to be broken up as the price for a taxpayer bailout of 10 billion euros ($14.9 billion).
ING, under pressure to repay the government bailout, announced that it is splitting up its banking and insurance operations. As part of that announcement, the firm said it is looking at initial public offerings and ...