Dutch financial group ING Groep NV will leave 10 of the 48 countries it currently operates in and sell 10 to 15 businesses over the next three to five years, Chief Executive Jan Hommen said on Thursday.
In a presentation for the Goldman Sachs Financials Conference in Frankfurt, a copy of which was posted on ING's website, Hommen also confirmed the company's plan to raise €6 billion to €8 billion ($8.51-$11.35 billion) through asset sales.
ING, which received a €10 billion capital injection from the Dutch government last October, unveiled a plan in April to slim down and shed assets, including the targets for proceeds and number of businesses to be sold.
It has said little about the asset sales thus far, other than that it had seen some potential bidders looking for bargains and that it was biding its time.
In his presentation Thursday Hommen said the sales would be conducted “as market conditions permit“.
The divestments would reduce ING's portfolio of businesses to 55 to 60, according to the presentation slides. (Reuters)