(March 2 – 13:30 ET) – ING, the Dutch financial services giant, is keeping its M&A powder dry for now.

After announcing its earnings yesterday, ING’s chairman Ewald Kist did the media rounds, repeating his assertion that ING does not plan to be part of any aggressive consolidation in the financial services sector for the next few years.

“We are not going to buy any large banks,” he said. “We have done so much and now need to integrate, consolidate and streamline our portfolio.”

Appearing on CNBC and responding to a phone-in question, Kist said ING would not be in the market for an insurance company in Canada in the “foreseeable future”. Although he insisted that the firm will definitely be looking to complete its portfolio in Canada in the longer term.

ING may do small deals, either acquisitions or divestitures, but it is not looking for mega-mergers. Last month, it sold the U.S. part of its ING Barings business to ABN Amro for US$275 million.
-IE Staff