ING Groep (NYSE:ING) to Split - Stock News

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ING Groep N.V. (NYSE:ING) On Monday said it would split itself in two as part of a restructuring deal with the European Commission, transforming itself over the next four years into a smaller Europe-focused bank.

The company also said it would pay back 50 percent of its aid from the Dutch state early and launch a 7.5 billion euro ($11.25 billion) rights issue.

The surprise announcement from ING accelerates a move that many analysts had expected, but not for years to come. ING had already set up separate boards to run its banking and insurance units but had denied any plans to split them.

Share of ING closed at $17.37 in Friday’s trade and so far this year the stock is up about 60%.

ING Groep N.V. (NYSE:ING) is a global financial institution offering banking, investments, life insurance and retirement services. The Company serves more than 85 million private, corporate and institutional customers in Europe, North and Latin America, Asia and Australia. ING has six business lines: Insurance Europe, Insurance Americas, Insurance Asia/Pacific, Wholesale Banking, Retail Banking and ING Direct.

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