ING to raise 7.5b euros to repay govt, restructure

Dutch banking and insurance group ING said Monday it plans to restructure its business, selling off its insurance operations and raising up to 7.5 billion euros to pay back government emergency funding.
"ING announced today that it will move towards a separation of its banking and insurance operations, clarifying the strategic direction for the bank and the insurance company going forward," the group said in a statement.
In order to repay government funds extended at the height of the global financial crisis, "ING plans to launch a capital increase ... of up to 7.5 billion euros" (11.25 billion dollars).