Summary Box: ING reins in exposure to euro debt

AP News
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Posted: Jan 13, 2012 1:52 PM
Summary Box: ING reins in exposure to euro debt

CUTTING RISK: ING Groep NV, the bailed-out Dutch bank and insurer, sold about $1.5 billion in bonds issued by southern European nations, part of its effort to reduce risks on its balance sheet.

STILL ON THE BOOKS: Even after those sales, which occurred in the last three months of 2011, ING holds about $2.5 billion in bonds of debt-stricken European countries.

TRADITIONAL BANKING: ING is supposed to split into separate insurance and banking companies by next year. The banking arm plans to focus on customer deposits and business loans, rather than riskier financial markets and products created by other banks.