ING to repay state aid in four tranches

AMSTERDAM Mon Nov 19, 2012 2:22am EST

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AMSTERDAM Nov 19 (Reuters) - Dutch bank and insurance group ING will repay Dutch state aid in four tranches, divest its local bank WestlandUtrecht by merging it with European insurance operations, and commit to certain competitive restrictions as part of a deal with the European Commission.

ING said in a statement on Monday it had agreed to an amended restructuring plan with the commission, which is the European Union's competition watchdog and whose approval was needed in return for state aid ING received in 2008 at the height of the credit crisis. (Reporting by Gilbert Kreijger; Editing by Louise Heavens)

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