ING Group News

ING Groep NVa s decision to split off 12 billion euros of insurance businesses is likely to have competitors jostling for its units in emerging markets on three continents, analysts said.

Savings bank ING Direct is currently seeking a fresh consumer PR agency. The bank, which has used Band & Brown Communications for four years, has a pitch list of five agencies including the incumbent.

ING Group's decision to split off its insurance business is attracting a lot of interest and a decision about these units could come as early as the end of year, the company's chief executive said Wednesday.

ING, the Dutch group that has been pressed to split up by European regulators, said Wednesday that both its banking and insurance arms returned to profit in the third quarter as the rebound in equity markets helped offset further losses on mortgage-linked investments.

Press Trust of India Posted: Thursday, Nov 12, 2009 at 2143 hrs IST Updated: Thursday, Nov 12, 2009 at 2143 hrs IST Amsterdam, New Delhi: ING on Wednesday reported 499 million euros profit for the third quarter, as against a net loss of 478 million euros in the year-ago period.

THE HAGUE: Dutch banking and insurance group ING reported a sharp switch into quarterly profit yesterday as it restructured after a government bailout and said it was moving into an "exciting" phase.

The share value of Dutch financial services group ING rose by 5 per cent per cent Wednesday following the release of third-quarter results that showed a net profit of 499 million euros .

ING Groep NV said Wednesday that it swung to a third quarter net profit from a loss a year earlier because of improving investment markets and said its restructuring plans are on target.

ING Vysya Life Insurance on Tuesday launched a unit-linked investment solution-ING Flexi Life Plus, which offers flexibility in premium payments.

Financial services giant ING Group announced last week it will scale back its international operations in order to begin paying back more than 10 billion euros in bail-out money the company accepted last year.

Mr. Marron, who now runs private-equity firm Lightyear Capital, sees a "big opportunity for growth" with his acquisition of three broker-dealers from ING Bloomberg After months of pursuit, Donald Marron finally landed a broker-dealer network, and the former chairman and chief executive of PaineWebber Group Inc.

Bank of Hawaii Corp declares dividend. Lorillard, Inc quarterly net edged lower.

ING Real Estate was "definitely not" planning to leave Australia, said chief executive Denis Hickey two months after taking on one of the more difficult jobs in the industry.

A major shake-up is underway in the insurance industry, with key assets coming on the market across the globe as the fallout from the financial crisis continues.

FURTHER fragmentation of the giant ING Group's Australian property operations seems inevitable following last week's decision of its parent company to divest its insurance and investment management businesses in the next four years.

In its continuing efforts to nurture the fragile economic recovery, the U.S. Federal Reserve is widely expected to leave interest rates at record lows when it concludes its meeting today .

ING announced today that it has reached an agreement to sell three of its U.S. independent retail broker-dealer units, which comprise three-quarters of ING Advisors Network, to Lightyear Capital LLC.

More bad news for those in the finance industry. The latest reports and rumors of layoffs are at Citigroup Inc.

ING announced last week its plans to separate its banking and insurance operations as part of its ongoing review of the Group's strategy and as a step in its Back to Basics programme, which was designed earlier this year to streamline the company and reduce risk, costs and leverage.

European shares struggled for direction Monday, although Royal Bank of Scotland Group and Ryanair Holdings both came under noteworthy selling pressure at the onset of a new month.