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ING Aims to Repay Some State Aid this Year

By Maarten van Tartwijk AMSTERDAM--Dutch financial services company ING Groep NV (INGA.AE) said Thursday that it plans to repay some state aid by the end of this year. ING received a 10 billion euro ($12.53 billion) government bailout in 2008 and still owes the Dutch state EUR3 billion, plus a 50% repayment premium. The Dutch group initially wanted to fully repay the loan this year, but shelved this plan in the face of macroeconomic uncertainties and stricter capital requirements. ING said in a statement that it "aims to repay another tranche this year" by using the proceeds from the sale of ING Direct USA to Capital One Financial Corp. (COF) and debt exchange. It didn't specify when it plans to repay the remainder. The company is currently in the process of divesting its Asian insurance operations. The proceeds from that deal will be used to reduce leverage at the holding company. Write to Maarten van Tartwijk at maarten.vantartwijk@dowjones.com

Stock News for Ing (ING)
DateTimeHeadline
05/17/201308:20:53IFC to Buy 7.9% Stake in Brazil's Sul America for BRL400 Million
05/13/201310:52:33ING CEO: US IPO Amounts to 'Significant Capital Destruction'
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05/07/201310:37:08EARNINGS FORECAST TABLE: ING Groep 1Q 2013
05/07/201305:20:15ING, Dutch State Disagree on Selling US Mortgages Portfolio...
05/02/201311:10:08ING Plans to Sell Multibillion-Dollar U.S. Loan Portfolio...
05/01/201312:40:14ING U.S. Plans 2nd-Largest U.S. Debut in 2013
05/01/201311:55:35Neuberger Berman Forms Emerging-Markets Debt Team With 22 Hires
04/26/201303:15:23ING To Sell Custody Services In 7 European Countries to Citi
04/23/201323:00:37ING Life Insurance Korea Deal in Due Diligence
04/23/201322:45:24Five Potential Bidders in Due Diligence for ING Life Insurance...
04/17/201301:53:13ING to Raise $152 Million from Selling Stake in Life Insurance...
04/16/201317:50:27ING U.S. Sees 64 Million-Share IPO Raising Up to $1.5 Billion
04/16/201317:02:57ADR Shares End Higher, Rebounding From Monday's Slide
04/16/201312:27:18EUROPE MARKETS: Europe Stocks Extend Losses To Third Day
04/16/201311:06:39EUROPE MARKETS: Europe Stocks Trim Losses After Goldman, U.S...
04/10/201317:11:47ADR Shares End Higher, Helped by Jump in Chinese Imports
04/09/201317:09:36Mashreqbank Sues ING Over Investment Losses -Bloomberg
03/22/201304:20:18ING Announces Changes to Supervisory Board
03/14/201317:50:28Capital One Plans First Dividend Increase Since Financial Crisis

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