The Straits Times
Published on Nov 19, 2012

ING in new deal with EU over state aid, punishment


AMSTERDAM (AP) - ING Groep NV has agreed a deal with European regulators on when it will repay the remaining euro 3 billion (S$ 4.7 billion) it still owes in state aid.

The bank, which fell foul of EU laws when it was bailed out by the Dutch state in 2008, says it will repay the money, plus a 50 percent penalty, in four installments.

It also negotiated a deal on the sale of its insurance activities. Instead of the original 2013 plan, the business will be sold in stages, with at least 50 percent of its United States arm sold by the end of 2014 and 50 percent of its European arm by the end of 2015.

The company still plans to sell shares for the divisions, it said on Monday.