Dutch giant ING Group completed its sale of Degussa Bank, a unit specialising in worksite banking and asset management for private customers...

Dutch giant ING Group completed its sale of Degussa Bank, a unit specialising in worksite banking and asset management for private customers, on 31 December 2006. The sale - to a group comprising private bank MM Warburg & Co and various private investors - is said by ING to be in line with its strategy of focusing on core direct banking activities as well as an ongoing strategy of allocating capital to those businesses that generate the highest returns. Degussa Bank was acquired by ING in June 2002. At 30 September 2006, the bank had a balance sheet total of approximately €2.8 billion ($3.7 billion).