ING, the Dutch financial group that has twice turned to the government for support in the financial crisis, unveiled a “back to basics” strategy on Thursday that will see it divest operations worth up to €8bn and focus its lending activities on Europe.

The plan follows a review of the business by Jan Hommen, the new chief executive. Mr Hommen took over from Michel Tilmant at the end of January after the group revealed fresh losses and turned to the state for guarantees on a portfolio of risky assets.