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ING to use Hungarian unit to set up subsidiary in Bulgaria

Dutch insurer ING announced on Thursday it would use its Hungarian unit, ING Insurance Rt, to set up a subsidiary in Bulgaria.

The Bulgarian unit has already obtained the necessary operating licenses and will start operations on April 19, Wim Pols, the head of ING's insurance businesses in Central and Eastern Europe, announced. The unit's administrative tasks will be performed by ING's Hungarian unit.