Today, ING Groep, NV (ING) announced that, in an effort to further "simplify the organization," it will sell its 51% equity stakes in ING Australia and ING New Zealand to Australia and New Zealand Banking Group, Ltd. (ANZ), its joint venture partner, for €1.1 billion in cash. The acquisition by ANZ is its second major acquisition in recent months following its $550 million acquisition of Royal Bank of Scotland's retail and commercial banking operations in seven Asian countries. ING's announcement of the sale comes just over a week after the European Commission extended its review of €39 billion illiquid asset back-up facility provided by the Dutch government to ING earlier this year.