ING to raise 7.5 b euros to repay govt, restructure

Dutch banking and insurance group ING said Monday it plans to
restructure its business, selling off its insurance operations and
raising up to 7.5 billion euros to pay back government emergency
funding. "ING announced today that it will move towards a separation
of its banking and insurance operations, clarifying the strategic
direction for the bank and the insurance company going forward," the
group said in a statement. In order to repay government funds extended
at the height of the global financial crisis, "ING plans to launch a
capital increase ... of up to 7.5 billion euros" (11.25 billion
dollars).