Alt-A problem will hinder ING Direct USA sale

ING chief executive Jan Hommen may have hoped that by agreeing to sell off the insurance business he could keep the EU at bay, but this was not to be the case.

The European Commission is determined not only to restructure the banks that have been propped up by the state, but also to make sure that they can never get themselves into that position again. It is also determined the create a level playing field among those banks that have received state aid, and also between those that have and those that have not.

That means more divestitures – in ING’s case the sale of ING Direct USA.

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