ING Mulling $5.7B Sale of Car Leasing Business

Dutch financial services provider ING (NYSE:ING) is in talks to sell its car leasing business in a deal potentially worth $5.7 billion, according to a Dutch newspaper report on Monday.

The company, which has been selling assets to boost its bottom line, has been negotiating the deal for months, according to newspaper Het Financieele Dagblaad, citing sources familiar with the matter.

The car lease division was not on the list of divestitures agreed to by ING and the European Commission as part of a restructuring program required as a condition of its 10 billion euro state bail-out during the recession.

The newspaper said BNP Paribas Arval, Rabobank subsidiary Athlon, BMW-Alphabet, Volkswagon and GE Fleet Services have all been approached by INGs advisory banks to discuss a potential deal.