Business News : ING to renegotiate with European Commission

AMSTERDAM (Business News) - Dutch financial services group ING (ING.AS), which had to sell assets because it received state aid in the 2008 crisis, said it will renegotiate its restructuring with the European Commission, potentially reducing the extent of the ongoing divestments.

ING won a court challenge against an EU ruling in March on its 10 billion euro ($ 13.0 billion) bailout during the credit crisis, and said on Wednesday it will start talks with the commission about the restructuring.

ING has begun discussions with the Dutch state, and together with the state will soon start discussions with the European Commission following the favorable court ruling on ING's appeal, the group said in a statement when it published first-quarter earnings on Wednesday.

"While ING welcomed the favorable court ruling on ING's appeal against the European Commission, we remain committed to the decision to separate the banking and insurance operations, and are making good progress in preparing our Insurance and Investment Management businesses for stand-alone futures in Europe and the US," chief executive Jan Hommen said.

ING has already said it plans to sell or list its insurance and investment management operations by the end of 2013.

It is expected to sell its Asian insurance and investment management operations later this year, which would help ING to repay 3 billion euros of aid it still owes to the Dutch state, plus a penalty of 50 percent.