Ing has reached an agreement with the Dutch state and the European Commission to bring some changes to the restructuring plan launched in 2009. Changes that will result in an extension of the time horizon of the Plan and greater flexibility in the completion of the divestments, as well as some minor adjustments.
In the light of the new agreement, the Dutch group will have to sell more than 50% of its insurance business in Europe by 2015, and the remainder by 2018. The initial plan envisaged, in exchange for the 10 billion euros of public aid received, that the sale of the insurance branches should take place by 2013.
The repayment programme, on the other hand, envisages four rounds of 1,125 billion each, by May 2015 at the latest. The Commission explained the agreement as follows: "The extension of some deadlines for the sale of assets is offset by longer constraints for the bank".
