ING To Split In Two By 2013

From the New York Times, Dutch bank and insurance company, ING, is breaking up.

The Dutch financial services company, said Monday that it planned to break up its insurance and banking businesses and raise up to 7.5 billion euros, or $11.3 billion, in a stock issue, after reaching a deal with the government to repay ahead of schedule half the money it received in a bailout last year.

As part of the deal with the European Commission, ING agreed to sell its U.S. Internet banking arm, ING Direct, by 2013. The company anticipates that it will take several years to get out of the business, but said that it regards the operation as “a very strong franchise” and the U.S. market offers potential for growth.

Personally, I am a INGDirect customer for more than five years. I love their products, and recommend to anyone I know who is fed up with their current bank.  I hope Ally would consider buying ING Direct which would be a nice complement to their high yield online savings accounts and CDs.

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