November 19, 2012 / 7:01 AM / in 5 years

EU approves ING's restructuring plan

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BRUSSELS, Nov 19 (Reuters) - The European Commission has approved an amended restructuring plan for Dutch financial group ING, the EU's competition watchdog said on Monday.

In the new plan, ING committed to repay the remaining state capital by 2015 and the Commission approved the longer deadline for the divestment of the group's insurance business, the Commission said.

"The issues created by all the state aid received by ING are adequately addressed by the amended plan," Competition Commissioner Joaquin Almunia said in a written statement. (Reporting By Robert-Jan Bartunek)

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