ING plans to make itself a much smaller firmDutch financial services group ING has announced that it will divide itself into separate companies, splitting its banking and insurance businesses.
Once it has been separated, ING plans to sell the insurance division.
It is also going to sell shares to existing investors so that it can repay half of its 10bn euro ($15bn; £9bn) aid from the Dutch government early.
It received the cash in October 2008, shortly before it reported its first loss as a result of the credit crunch.
Back to basics
Chief executive Jan Hommen said the measures would "provide a clear plan for resolving the uncertainty created by the financial crisis".
In order to get European Commission approval for its restructuring programme, ING said it would need to sell ING Direct USA by 2013.
It is the latest step in ING's "Back to Basics" programme, which has resulted in 10,800 job cuts so far this year.
ING also said it expected to report third-quarter profits of about 750m euros, compared with a loss of 568m euros in the same period last year.
US "too big to fails" - take note!
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