ING To Sell $2.8 Billion Worth of ABN Amro Shares

ING Group announced that it plans to sell 120 million shares of Dutch bank and financial services company ABN Amro Holding for an estimated total of €3.3 billion ($2.83 billion) based on Monday’s closing price on the Amsterdam stock exchange of €27.19 ($23.38).

ING said it plans to use the proceeds to fund its recent acquisitions of ReliaStar and Aetna International. It will still retain approximately 10 percent of ABN Amro as a “strategic investment.”