ING plans $100M IPO of US investment business
Dutch bank ING is preparing an initial public offering of stock that will allow it to spin off its U.S.-based retirement, investment and insurance business.
The company said in a public filing Friday that it expects to raise $100 million by selling shares of ING U.S. Inc.
ING has been selling off businesses to meet the conditions of a $13.5 billion bailout that it received during the global financial crisis. European policymakers had demanded that ING sell its insurance business, a mortgage division and its U.S. retail bank.
ING will use the proceeds of the stock offering to strengthen its balance sheet, so that it can survive as a standalone company.
The IPO is being handled by Morgan Stanley and Goldman Sachs.
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