ING Groep is to pursue a 'Europe first' strategy in investment banking following the sale for $275m of its US securities business to ABN Amro.

Michel Tilmant, vice-chairman of the executive board of ING Groep, fiercely defended ING's decision to sell off its US operations at a time when other European banks, such as Credit Suisse, Deutsche Bank, Dresdner Bank and UBS, are increasing their committment to the US market.