ING, the Dutch financial services group, has cancelled plans to list its European and Asian insurance and fund management operations as one entity, illustrating the challenges European banks are facing in making disposals in turbulent markets.

ING is still planning to split off its insurance and fund management arms from the bank, but its IPO plans have now changed. It had been preparing for two listings - one for its US insurance-and-funds business, and one for its similar operation in Europe and Asia.