ING Groep NV, the biggest Dutch financial-services firm, plans to raise as much as 8 billion euros (US$10.6 billion) selling assets after tapping a government rescue fund last year.
ING expects to sell between 10 and 15 businesses “over time and as market conditions permit,” leading to proceeds of 6 billion euros to 8 billion euros, the Amsterdam-based company said yesterday in a statement.
“A group of smaller businesses with no clear outlook for market leadership consumes a disproportionate amount of capital,” ING said.
Unloading the units would allow ING to free up about 4 billion euros in capital, it said.
The firm, which traces its roots to 1743, said in February it was reviewing operations after posting a fourth-quarter loss of 3.71 billion euros, a second straight deficit. ING’s retail business in Ukraine will be “unwound,” while life insurance activities in China and Japan are under review.
In the US, ING will explore “strategic options” for its employee benefits, group reinsurance and existing annuities book, it said yesterday.
The Dutch company’s results in the first quarter were significantly better than the fourth quarter, chief executive officer-designate Jan Hommen said on a conference call yesterday.
ING received a 10 billion euro government lifeline in October and is transferring the risk on most Alt-A mortgage assets to the state. The firm has already eliminated more than half of the 7,000 jobs it planned to cut to reduce operating costs by 1 billion euros this year. The company had earlier said it may sell as much as 3 billion euros of assets.
Going forward, the banking business plans to concentrate on operations in the Benelux region, as well as Poland, Romania and Turkey. In insurance, ING will focus on life and retirement services in the Benelux countries, central Europe, the US, Latin America and Asia.
The company will operate its banking and insurance units separately under “one group umbrella to reduce complexity,” ING said.
The Central Weather Administration (CWA) yesterday said it expected to issue a sea warning for Typhoon Fung-Wong tomorrow, which it said would possibly make landfall near central Taiwan. As of 2am yesterday, Fung-Wong was about 1,760km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, moving west-northwest at 26kph. It is forecast to reach Luzon in the northern Philippines by tomorrow, the CWA said. After entering the South China Sea, Typhoon Fung-Wong is likely to turn northward toward Taiwan, CWA forecaster Chang Chun-yao (張峻堯) said, adding that it would likely make landfall near central Taiwan. The CWA expects to issue a land
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The Central Weather Administration (CWA) yesterday said it is expected to issue a sea warning for Typhoon Fung-wong this afternoon and a land warning tomorrow. As of 1pm, the storm was about 1,070km southeast of Oluanpi (鵝鑾鼻), Taiwan’s southernmost point, and was moving west-northwest at 28 to 32kph, according to CWA data. The storm had a radius of 250km, with maximum sustained winds of 173kph and gusts reaching 209kph, the CWA added. The storm is forecast to pass near Luzon in the Philippines before entering the South China Sea and potentially turning northward toward Taiwan, the CWA said. CWA forecaster Chang Chun-yao (張峻堯) said
PREPARATION: Ferry lines and flights were canceled ahead of only the second storm to hit the nation in November, while many areas canceled classes and work Authorities yesterday evacuated more than 3,000 people ahead of approaching Tropical Storm Fung-wong, which is expected to make landfall between Kaohsiung and Pingtung County this evening. Fung-wong was yesterday morning downgraded from a typhoon to a tropical storm as it approached the nation’s southwest coast, the Central Weather Administration (CWA) said, as it issued a land alert for the storm. The alert applies to residents in Tainan, Kaohsiung, Pingtung and Taitung counties, and the Hengchun Peninsula (恆春). As of press time last night, Taichung, Tainan, Kaohsiung, and Yilan, Miaoli, Changhua, Yunlin, Pingtung and Penghu counties, as well as Chiayi city and county had
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