Dutch ING readying to sell US online bank

7th June 2011, Comments 0 comments

Dutch banker ING said Tuesday it was preparing to sell its US-based subsidiary ING Direct USA, to raise funds to repay the Dutch state by May next year.

"We are getting ready to sell, we are taking the necessary measures," ING spokeswoman Carolien van der Giessen told AFP.

"The money we'll make through the sale will help us to pay back the three billion euros we still owe the Dutch state," she said.

ING accepted a 10-billion-euro cash injection from the Dutch government in October 2008 at the height of the global economic crisis. The European Commission later demanded that as part of the aid package, ING should sell off some assets.

Reports say US giant conglomerate GE and bank group Capital One have submitted offers for ING Direct USA, putting the price at 9$ nine billion.

ING's spokeswoman could not confirm the information.

ING Direct USA is reportedly on the largest US online banks.

© 2011 AFP

0 Comments To This Article