ING Group NV, the largest Dutch financial services company, may sell its ING Capital Advisors division in the United States as part of a plan to focus on insurance in Europe and Asia and Internet banking.
The Dutch company "is reviewing strategic options" for the unit, including a possible sale, it said in a statement to the Amsterdam stock exchange Thursday. The operations of ING Investment Management would not be affected, ING said.
Chief executive officer Michel Tilmant has said since his promotion in April that he plans to sell seven units, including Baring Asset Management. The expected proceeds, more than $1.5 billion, may be used for acquisitions in Internet banking and life insurance in Asia, he said on Nov. 23.
ING Capital Advisors has about $3.1 billion of assets under management and employs 22 people in offices in New York and Los Angeles.
