AMSTERDAM — ING Group NV said Thursday it wants to talk to the European Commission to discuss alternative options for a Dutch banking unit it has had trouble finding a buyer for.
ING was ordered by the commission to sell WestlandUtrecht Bank NV in order to get approval for the state aid it received in 2008. Talks with potential buyers haven't resulted in serious bids, Chief Executive Jan Hommen told reporters. "It is no easy sell," he said.
WestlandUtrecht is a mortgage lender and a buyer will have to bring billions of euros in capital in funding. As banks are facing stricter capital rules under Basel III, they are reluctant to do such a deal, Hommen said.
The CEO said ING is considering alternatives and it hopes to discuss the options with the commission.
Belgian peer KBC Groep NV received the commission's approval last month to amend its restructuring plan, because some of its planned divestments were complicated by Basel III.
The EU's executive arm allowed KBC to drop the initial public offerings of stakes in two Czech and Hungarian banks. Instead, the Belgian company may now sell its Polish units Kredyt Bank SA and insurer Warta SA.
