ING denies plans to sell stake in India's Vysya

Posted : June 11 2009

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ING Group NV on Wednesday denied reports in Indian media that it is considering selling its stake in ING Vysya Bank as part of its 8 billion euro ($11.3 billion) asset sale program.

"ING remains committed to ING Vysya Bank and we consider ING Vysya Bank as one of the selective growth options as described in our strategy update," a spokeswoman for the bank said in a statement.

Earlier Wednesday, India's CNBC-TV18 reported that banks were being approached by consultants about their interest in ING's nearly 44 percent stake in Vysya. ING has held the stake since 2002.

In April ING announced a plan to shed assets as part of its restructuring program. Last week Chief Executive Jan Hommen said the company would exit 10 of the 48 markets in which it currently operates.

However, the company has said relatively little about the asset sale program, other than that it intends to take its time and not rush into low-priced offers.

It has repeatedly denied rumours about various purported asset sales on the table, including deals in China and Russia.

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ING denies plans to sell stake in India's Vysya

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