Dutch bank sells South American holdings
The Dutch banking and insurance company ING is selling off its insurance interests in South America. They will go to the Colombian company GrupoSura.
ING is keeping its shares in the Brazilian insurance company Sul America. The move will raise around 2.7 billion euros for the Dutch bank.
The sale was ordered by the European Commission because ING received a bailout from Dutch state in November 2008. It has so far repaid seven of the ten billion euros it received; the rest is due next year.
Last year ING sold its US internet bank ING Direct for over six billion euros.
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