ING Hellas to pull out of lossmaking health sector

ING Hellas said yesterday it will concentrate on local operations with pension and life insurance products and pull out of lossmaking health services in a plan that will involve job cuts. The company said the restructuring plan will target a return to profitability in 2009 through cost-cutting efforts. Its existing portfolio of contracts providing health services will apply as normal, it added. No information was given concerning the headcount reduction from its work force of some 450 people but sources indicated the cut is likely to affect at least 50 staff members.