Keep it simple

9 April 2009 By Mike Prest

The Dutch bancassurer has redoubled its effort to derisk and simplify. It will move from six lines of business to two: bank and insurance. In what s left, the slogan will be back to basics . The era of excessive complexity is over, and not just in the Netherlands.

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ING, the Dutch bancassurer, is restructuring its business from six lines into two, banking and insurance, under one group umbrella, the company announced on April 9.

Investment management, including real estate investment management, will be consolidated into one unit under the insurance business and will sell its services on an armslength basis.

ING is reviewing its operations and has increased the likely number of divestments to 10 to 15 businesses. Proceeds from these sales are expected to between E6bn and E8bn, freeing up E4bn of capital.

The share price was up 10.5% to E5.8 on the Amsterdam Stock Exchange in midmorning trading.

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