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.
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