Dutch financial services group ING said on Monday it has put its car leasing business up for sale, in a deal Dutch media reported may be worth 4 billion euros ($5.7 billion). ING is in the throes of a huge restructuring, forced on it as a condition of its 10-billion-euros state bailout in the 2008 financial crisis.
It has sold several assets already to raise money to repay the state, but the car leasing unit had not been earmarked previously as a possible divestment. Just last week, ING agreed to sell its US online bank to Capital One Financial Corp for $9 billion in cash and stock. It also plans to list its insurance operations in two separate initial public offerings. "ING today confirmed that it is currently reviewing strategic alternatives for ING Car Lease, including discussions with third parties interested in a potential acquisition," ING said in a statement, confirming a report in a Dutch newspaper.
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