The Washington Post | 7/26/2011 11:00:00 AM
ING Groep sells Latin American insurance arm to Colombia’s Gruposura for around $3.8 billion
July 26th--AMSTERDAM — ING Groep NV says it has agreed to sell most of its Latin American businesses to Colombia’s Gruposura for €2.615 billion ($3.76 billion) in cash, the latest in a spate of disposals.
ING has been selling operations to prepare for its European Union Commission-mandated split into one company for insurance and another for banking, after it was bailed out by the Dutch state during the 2008 financial crisis.
It still owes €3 billion of the original €10 billion in support it received, and another €1.5 billion in penalties, with plans to pay back the balance in full by May 2012.
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