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ING Group announced that it plans to sell 120 million shares of Dutch bank and financial services company ABN Amro Holding for an estimated total of €3.3 billion ($2.83 billion) based on Monday’s closing price on the Amsterdam stock exchange of €27.19 ($23.38).

ING said it plans to use the proceeds to fund its recent acquisitions of ReliaStar and Aetna International. It will still retain approximately 10 percent of ABN Amro as a “strategic investment.”