Netherlands' largest financial services firm ING Groep Inc. said it reached an agreement to cut its stake in Brazil's SulAmerica Seguros e Previdencia SA, an insurance company, in an attempt to recover money used for its state bailout after global economic downturn.

According to a securities filing, the deal will allow ING to set sale of 7.2% stake in SulAmerica to the Brazilian Larragoiti family, which is controlling shareholder of Brazil's third-largest insurer. The deal would leave 28.8% stake to the financial firm.

Amsterdam-based ING Groep is being pressured by Dutch regulators to shed its industry assets by the end of year 2016 as part of its bailout package worth 10 billion euros which it received after struggling from financial crises in 2008.

ING is expected to raise 346 million reais from the stake sale when basing on the closing price of SulAmerica.