ING says can take more time to sell assets

AMSTERDAM, March 2 (Reuters) - Dutch financial services group ING Group (ING.AS)(ING.N) can ask the European Commission for an extension to its 2013 deadline to sell some of its assets, an ING spokesman said on Tuesday, citing a Commission report.

ING, which is splitting up its insurance and bank operations, and selling assets as part of Commission approval for state aid, may get more time from the Commission if it has sold at least 30 percent of the assets earmarked for sale through initial public offerings (IPO), the spokesman said.

He cited a European Commission restructuring document that was published last week.

"One of the footnotes says if there are special circumstances which prevent the sale of the assets before the end of 2013, and if we have sold at least 30 percent via an IPO, the commission is prepared to look at a delay if requested," the ING spokesman said.

The document was not immediately traceable on the Commission's website.

ING has to sell some Dutch mortgage activities, ING Direct USA, and its insurance arm after getting 10 billion euros ($13.5 billion) in Dutch state aid in 2008 and state guarantees on 21 billion euros worth of U.S. credit assets.

The Dutch group, which paid back half of the state aid in December, said last month it was preparing public offerings for the assets it needs to sell but also kept open the option to sell assets directly to other parties.

ING, together with the Dutch state, has asked the Commission to review how it had calculated the amount of state aid the group received and certain competition restrictions placed on it. [ID:nLDE60R2R5] (Reporting by Gilbert Kreijger) ($1=.7395 Euro)