ING reveals surprise losses of £618m

ING yesterday posted a fourth-quarter loss of 712 million (£618m) – more than double market forecasts.

The Dutch bancassurer had said it would make a loss after paying back 5 billion in state aid, plus penalties. Analysts said the results cast a shadow over the group's plans to spin off its insurance business and refocus as a leading European retail bank.

ING said it planned to spend the rest of this year working on how to split off its insurance arm – making a trade sale, or its preferred option of a demerger.

Some in the market had expected an IPO late this year.