Brussels restructures banks 

"ING sells Nationale Nederlanden (its insurance division)" reads the lead of the NRC Handelsblad, which goes on to explain that the Dutch bank is undertaking an "in-depth reorganization, partly prompted by pressure from the European Commission." ING, which has been striving to divide its activities at its own initiative since the end of 2008, is now selling a third of them: its insurance and asset management divisions, as well as its US internet banking arm ING Direct USA — whose bad investments pushed ING to ask the Dutch government for a bail-out deal at the end of 2008. The suspension of ING Direct USA "was explicitly requested by Brussels" says the daily. ING whose business model — as both bank and insurer — was pioneering, will reimburse half of the 10 million euros in aid before the end of this year. According to French daily Les Echos, the restructuring is evidence of Brussels' determination to substantially overhaul banks which have received public bail-outs. "The message is crystal clear: there will be no return to 'business as usual' for operators put on life-support during the peak of the crisis," says the economic newspaper.