ING Group to unwind Ukraine retail operations

ING Group said yesterday that it planned to sell as much as EUR 8 bln in assets, Bloomberg reported. ING said it had an inordinate number of smaller businesses with unclear market prospects that consumed an inordinate amount of capital, disposal of which could free up as much as EUR 4 bln in capital. In particular, ING said it would unwind its retail business in Ukraine. ING, in a press release, said it would fulfill its existing commitments to clients and partners, and that it planned to shutter its retail offices by May 29. ING said its corporate services department in Ukraine would continue to operate as normal.