ING will divest itself of its insurance and asset management businesses worldwide, and also sell its ING Direct banking business in the United States. Select banking businesses in its home market in the Netherlands are also for sale.The reorganisation will narrow ING back to a conventional banking business and one with a European focus.ING will still focus on what yesterday's announcement referred to as "selective growth options elsewhere". While the divestments are under way - and these may take more than four years - ING will continue to manage its businesses regionally and indeed to invest in its insurance businesses and its US banking business.ING said "key building blocks" for the group were in the Benelux, US, Central Europe, Latin America and Asia.This might mean there's a reprieve for the ING Direct banking business in Australia, which for a time earlier this year looked like it might be sold.ING has already sold its majority stake in its Australian wealth and life business to ANZ.The reorganisation of ING is partly driven by the board and management but also driven by the government of the Netherlands, which bailed out the bank a year ago. The European Commission is also dictating some terms.One consequence of the government oversight is that ING has agreed not to be a price leader in select banking products in Europe until the Dutch aid is repaid. There are also restrictions on ING buying new businesses.There was no mention of corresponding limits on pricing flexibility for ING's banking operations outside Europe.