ING may sell $5.7B car lease business

AP News
Posted: Jun 20, 2011 8:05 AM
ING may sell $5.7B car lease business

ING Groep NV says it is in talks to sell its car leasing business, which analysts estimate to have a value around euro4 billion ($5.7 billion).

In a statement Monday, the company declined to name potential buyers and says there are no guarantees it will reach a deal.

The unit leases 240,000 cars around Europe. Competitors _ and potential buyers _ include Arval, Athlon, BMW-Alphabet, Volkswagendochter Leaseplan and GE Fleet Services.

The announcement comes just days after ING agreed to sell its U.S. internet banking business to Capital One for $9 billion.

ING has been revamping its business since it was bailed out by the Dutch state during the 2008 financial crisis, and plans to separate its banking and insurance arms by the end of 2012.