ING Group is planning to divest its global insurance and wealth management units by 2011 or 2012, Money Management reports. The firm is seeking to separate its banking business from its insurance and wealth management businesses globally.
ING may launch two initial public offerings (IPOs), one for the insurance and asset management business based in U.S. and another for the European and Asian business. The Asian business includes ING Investment Management Australia and OptiMix.
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