ING Plans $100 Million IPO of U.S. Investment Business

Dutch bank ING (NYSE: ING  ) is preparing an initial public offering of stock 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 sold its U.S. online retail bank, ING Direct, to Capital One Financial (NYSE: COF  ) for $9 billion earlier this year.

ING will use the proceeds of the stock offering to strengthen its balance sheet, so that it can survive as a stand-alone company.

The IPO is being handled by Morgan Stanley (NYSE: MS  ) and Goldman Sachs (NYSE: GS  ) .

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

Fool Disclosure

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2105115, ~/Articles/ArticleHandler.aspx, 10/21/2016 2:48:27 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...

Today's Market

updated Moments ago Sponsored by:
DOW 18,147.73 -14.62 -0.08%
S&P 500 2,141.06 -0.28 -0.01%
NASD 5,253.32 11.49 0.22%

Create My Watchlist

Go to My Watchlist

You don't seem to be following any stocks yet!

Better investing starts with a watchlist. Now you can create a personalized watchlist and get immediate access to the personalized information you need to make successful investing decisions.

Data delayed up to 5 minutes

Related Tickers

10/21/2016 2:32 PM
ING $12.84 Down -0.11 -0.85%
ING Groep CAPS Rating: ****
COF $75.00 Up +0.49 +0.65%
Capital One Financ… CAPS Rating: ***
GS $174.61 Up +0.10 +0.05%
Goldman Sachs CAPS Rating: ***
MS $33.39 Up +0.49 +1.49%
Morgan Stanley CAPS Rating: ****