Dutch global financial institution ING Group is reportedly considering the sale of its Canadian online banking arm, media outlet Bloomberg.com reports. The same source indicates that ING Group might be also looking to dispose of a smaller UK unit in a bid to repay the financial aid granted to it in 2008 during the financial crisis.
ING received EUR 10 billion in aid from the Dutch government. According to the source, ING is “reviewing strategic options” for the two online banking units. Moreover, the company has already initiated talks to sell its Asian life-insurance business.
ING has already sold its ING Direct business in the US. In February 2012, US financial institution Capital One completed its acquisition of the ING Direct business in the US, after receiving the Federal Reserve’s approval. Capital One first revealed plans to acquire ING Direct in June 2011.
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