POWERED BY MOMENTUM MEDIA
ING divestment announcement
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.
AUTHOR
Mike Taylor
Recommended for you
Superannuation funds have posted another year of strong returns, but this time, the gains weren’t powered solely by Silicon Valley.
Australia’s $4.1 trillion superannuation system is doing more than funding retirements – it’s quietly fuelling the nation’s productivity, lifting GDP, and adding thousands to workers’ pay packets, according to new analysis from the Association of Superannuation Funds of Australia (ASFA).
Large superannuation accounts may need to find funds outside their accounts or take the extreme step of selling non-liquid assets under the proposed $3 million super tax legislation, according to new analysis from ANU.
Economists have been left scrambling to recalibrate after the Reserve Bank wrong-footed markets on Tuesday, holding the cash rate steady despite widespread expectations of a cut.
TOP PERFORMING FUNDS
ACS FIXED INT - AUSTRALIA/GLOBAL BOND
Fund name
3y(%)pa
1
DomaCom 465 Calder Road Calder
99.46 3 y p.a(%)
2
DomaCom DFS Mortgage
95.46 3 y p.a(%)
3
Global X 21Shares Bitcoin ETF
78.55 3 y p.a(%)
4
BetaShares Crypto Innovators ETF
50.39 3 y p.a(%)
5
Global X GlobalX FANG+ ETF
47.50 3 y p.a(%)
