The Dutch financial group ING announced yesterday that it would completely separate banking operations from the insurance ones, as part of the restructuring program "Back to Basics". The decision comes following the completion of the reorganization plan announced early this year, recently agreed with the European Commission. ING is going to divest, in time, all insurance and investment management operations, through IPOs and sales or a combination between these two.

The end of the separation process is scheduled for 2013 and will take place over several stages. Nor the insurance and pensions divisions of Romania will be exceptions to the effects of this restructuring, being the subject of a possible sale.

"In the current context, it is our responsibility to concern us with all effects of the ING strategy, this meaning that we will focus our attention on customers and on finding ways to achieve a smooth transition, all the while keeping a continuous and transparent communication", Cornelia COMAN, General Manager of ING Asigurari de Viata has said. 

The CEO of ING, Jan HOMMEN, said it would be an interesting option to launch an initial public offering for the entire group's insurance division, adding that he plans to start the divestiture process for the insurance operations next year. At the end of this program, ING's total assets will be reduced with 30% compared to the level recorded at the end of September 2008.

In April, ING announced it would give up assets of EUR 8 billion of the overall portfolio, as part of a restructuring program, the group already divesting some of the wealth management business in Switzerland, Australia, New Zealand and the Asian region.