BackNo exit plans, ING assures stakeholders
No exit plans, ING assures stakeholders
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New Delhi: Dutch financial services major ING Groep NV, which is planning to exit operations in 10 nations, on Wednesday said the entity is committed to its Indian business.
The company also termed the operations of ING Vysya Bank as “one of the selective growth options".
In a filing to the Bombay Stock Exchange, ING Vysya Bank said the Dutch group is committed to India business. ING’s comments comes amid speculation that the group may sell its Indian operations.
“ING reaffirms to all its stakeholders that it is committed to its India business operations and it continues to have long term business prospects in the country.
“As of date, there is no talks with any consultants or merchant bankers in this regard," the filing noted.
The Dutch group has a significant presence in both banking and insurance operations, among others, in India.
On 4 June, ING chief executive Jan Hommen said the firm plans to exit about 10 of the 48 countries, where the entity is currently operating, mainly as part of its efforts to derisk business.
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