ING To Sell $10.6 Billion in Assets
Written by Cathy
ING Direct is a popular online bank among personal finance and geek enthusiast web sites, originally one of the top performers among the ‘high yield’ online banks. While they no longer hold that crown, they remain popular for their friendly banking interface and ‘gotcha’ free bank policies.
As popular as it is, ING Direct’s parent company, Dutch bank ING, is having their fair share of economic problems. In October 2008, they received a $10 billion euro bailout from the Dutch government. ING is the biggest Dutch bank and insurance company, and is being rocked by credit defaults with the rest of the banking sector. They announced plans today to sell $10.6 billion (8 billion euros) worth of operations, and focus mostly on its European operation.
What does that mean for those of us with accounts in global ING Direct? Probably nothing. ING does not plan to sell ING Direct, as it is the profitable arm of its operations in the Americas. Your deposits in the US are still covered by FDIC protection up to $250,000. ING is not being forced to sell their assets as part of a fire sale; they are choosing to do so to streamline operations. This looks like a smart decision, and investors seem to agree. Shares of ING increased on the news.
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