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Business Briefing / Financial Services

ING Group to split itself in two

October 27, 2009|Times Wire Reports

Dutch banking and insurance conglomerate ING Group said it would split itself in two, spinning off its insurance arm to simplify its business and issuing $11.3 billion in new shares to repay state bailout money.

The dramatic change in strategy caps a year of cutting costs and selling operations since the financial crisis struck, when ING was kept afloat only with two major rounds of assistance from the Dutch state.

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