ING goes back to basics
ING will divest its insurance and investment management businesses globally to raise funds to repay its Dutch Government loans granted at the height of the financial crisis.
ING said it would completely separate its banking and insurance operations, including investment management, over the next four years. The company has already sold its investment management and insurance operations in Australia, with ANZ buying ING’s half of the company's joint venture agreement late last month.
The divestment of the remaining global businesses could include sales, initial public offerings or combinations of the two.
The planned divestments form part of ING’s ‘back to basics’ plan. A statement from the group’s head office in Amsterdam said while ING had been a “strong advocate for combining banking and insurance in one company”, the financial crisis had “diminished” the benefits offered by the model. In addition, there is now a greater demand for “simplicity, reliability and transparency”, the group said.
Recommended for you
Determinations by the FSCP since the start of 2025 are almost double the number in the same period of 2024, with non-concessional contribution cap errors and incorrect advice among the issues.
Whether received via human or digital means, financial advice is reportedly leading to lower stress and more confidence, according to Vanguard.
The new financial year has got off to a strong start in adviser gains, helped by new entrants, after heavy losses sustained in June.
Michael McCorry, chief investment officer at BlackRock Australia, has detailed how investors are reconsidering their 60/40 portfolios as macro uncertainty highlight the benefits of liquid alternatives.
