ING unit put on US blacklist for Cuba business

ING unit put on US blacklist for Cuba business
Tue Oct 3, 2006 3:25am ET140

AMSTERDAM, Oct 3 (Reuters) - The Netherlands Caribbean Bank (NCB), a
subsidiary of Dutch financial services group ING Groep NV (ING.AS:
Quote, Profile, Research) (ING.N: Quote, Profile, Research), has been
put on a U.S. blacklist for doing business in Cuba, ING said on Tuesday.
An ING spokesman confirmed a report in the Volkskrant daily that the
U.S. government put NCB on July 28 on a list which bans U.S. companies
and citizens from doing business with the bank.

"ING is viewing what the implications might be," the spokesman said.

ING, one of the top five insurers in Europe, owns a 50 percent stake in
NCB. Two Cuban financial organisations, Gilmar Project Finance
Establishment and Banco Metropolitano, each own a 25 percent stake, the
spokesman said.

ING shares were down 0.7 percent at 34.33 euros by 0714 GMT, slightly
weaker than the DJ Stoxx European insurance index <.SXIP> that was down
0.3 percent

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