ING reviewing Canadian Internet banking arm for possible sale

AMSTERDAM – ING Groep NV says it is “reviewing” its Internet banking arms in Canada and Britain as prelude to a possible sale.

ING Direct is Canada’s largest Internet bank, with 1.8 million customers, and in Britain it has 1.5 million customers.

In February, ING sold ING Direct in the U.S. to Capital One for 489 million euros (US$600 million).

ING is struggling to keep its balance sheet healthy amid bad loans and declining margins.

It has an obligation to repay 3 billion euros in remaining bailout money it owes the Dutch state from the 2008 financial crisis.