ING Group will divest up to €8bn ($10.6bn) in non-core assets and trim its geographical spread in a bid to refocus its business and boost capital, according to a speech being presented Thursday by Chief Executive-designate Jan Hommen at the Dutch financial firm's annual investor day.
The company has increased the number of business to be divested to between 10 and 15 in coming years and expects to raise €6bn-€8bn, freeing up €4bn worth of capital.
It had previously said it expected to make €2bn-€3bn worth of divestments.
Its investment management operations for Europe, the Americas and Asia/Pacific will be integrated into one organisation, including real-estate investment management.
Wall Street Journal