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ING profit hit by Asian losses, on track for divestment

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ING profit hit by Asian losses, on track for divestment

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Dutch financial group ING’s suffered a 39 percent drop in quarterly net profit at 788 million euros.

It was hit by a 98 million euro loss from its Asian operations, particularly its insurance business in Japan.

However ING’s main banking division performed better than expected and the group said it is on track for the next big sell-off of its European insurance unit, next year.

Bailed out by the Dutch state in 2008, ING has dismantled its once-fashionable model of combined banking and insurance businesses and announced thousands of job cuts and other cost savings.

ING has raised about 23 billion euros ($30.6 billion) in total from divesting insurance, investment management and other assets in order to repay state aid.