ING does better out of ANZ transaction
ING claims to have emerged from the sale of its Australian and New Zealand life insurance and wealth management businesses to ANZ better than was originally envisaged in September.
Reports out of Amsterdam quoted ING as saying that the final terms of the sale to ANZ had been "slightly better" than those initially estimated in September.
ING described the transaction, in which it sold its 51 per cent stake in ING Australia and ING New Zealand to joint venture partner ANZ, as being part of a "back to basics" strategy to simplify the organisation.
The European reports suggested the group had identified up to 15 businesses for divestment over coming years.
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