Who Bought ING? A Breakdown of Its Divestments

ING Group, a global financial institution, operates across various financial services including banking, investments, and insurance. While the query “who bought ING” is common, ING was not acquired as a whole entity. Instead, it undertook a series of substantial divestments, selling numerous business units to various buyers and through public offerings as part of a strategic repositioning.

Background to ING’s Divestments

The global financial crisis of 2008 significantly impacted ING, leading it to receive €10 billion in state aid from the Dutch government in October 2008. As a condition for this aid and to comply with European Commission requirements, ING was mandated to undergo a comprehensive restructuring.

A central condition of the state aid was the requirement to divest non-banking assets, particularly its insurance and investment management operations. This strategic decision aimed to simplify the company structure, reduce its balance sheet, and allow ING to concentrate on its core banking activities. The divestment plan stipulated the separation of banking from insurance and investment management, with proceeds intended to repay the government loan. ING completed its final repayment of the €10 billion, plus €3.5 billion in interest and premiums, by November 2014.

Sales of ING’s Insurance Businesses

ING undertook a multi-year process to divest its extensive insurance operations across different global regions. A major transaction involved its U.S. retirement, investment, and insurance businesses, which were rebranded as Voya Financial, Inc. The divestment of ING U.S. began with an Initial Public Offering (IPO) in May 2013. ING gradually reduced its stake in Voya, completing the full divestment by March 2015 through public offerings and a repurchase by Voya itself, for total gross proceeds of approximately $2.0 billion.

In Europe and Japan, ING’s insurance and investment management activities were consolidated under a new entity named NN Group. The divestment of NN Group was achieved through an IPO and listing on Euronext Amsterdam in 2014. This allowed ING to separate these operations, with full divestment completed by the end of 2016 in line with European Commission timelines. NN Group became an independent company offering retirement, life, non-life insurance, and investment management services.

ING also divested its Asian insurance units. In Malaysia, ING’s insurance operations were sold to AIA Group Ltd. in 2012 for approximately €1.3 billion. ING also sold its insurance businesses in Hong Kong, Macau, and Thailand. Additionally, ING Life Insurance Korea was sold to private equity firm MBK Partners for $1.6 billion.

Divestment of Investment Management Operations

Beyond the insurance entities, ING also strategically divested its standalone investment management businesses. ING Investment Management International was largely integrated into NN Group as part of the broader separation of insurance and investment management activities. This integration allowed for a streamlined transition of these operations within the newly formed independent entity.

Specific investment management units were also sold to other financial firms. In South Korea, ING’s investment management business, which managed approximately KRW 25 trillion (around €17 billion) in assets, was acquired by Macquarie Group. ING also closed its equity investment management business in the Middle East and North Africa, focusing asset management operations where it had a strong insurance presence.

Other Significant Asset Disposals

In its comprehensive restructuring, ING undertook additional divestments beyond its primary insurance and investment management operations. The sale of ING Real Estate Investment Management (REIM) Europe to CBRE Group, Inc. was completed in 2011, alongside the sale of ING REIM’s Asian business. These transactions were part of ING’s objective to reduce its exposure to real estate and further strengthen its capital base.

The restructuring plan also included the divestment of ING Direct USA, its online banking subsidiary, which was acquired by Capital One Financial Corporation. ING also unwound its Illiquid Assets Back-up Facility (IABF), a risk-sharing agreement with the Dutch State concerning a portfolio of U.S. Alt-A mortgage bonds, which was completed in early 2014.