ING bank offers IPO for Dutch insurance major NN Group
05/06/2014 17:59
Dutch bank ING today said that it was offering a minority public stake in its NN Group insurance business, in the final stage of restructuring imposed after a government bail-out following the 2008 banking crisis, reported PTI "ING today confirms the intention to proceed with (an) initial public offering and listing on (the) Euronext Amsterdam of NN Group," ING said in a statement. "The intended IPO will consist solely of a secondary offering of a minority holding of NN Group's shares held by ING," the Amsterdam-based bank said. Although ING did not put a price on the offer, it announced in April it had secured 1.275 billion euros (USD1.7 billion) in investment in the NN Group ahead of the IPO. ING itself valued the NN Group at 10.7 billion euros, as per the media reports. Chief executive Ralph Hamers said, "Today's announcement signals the launch of the final major transaction in ING's five-year restructuring."
05/06/2014 17:59
Dutch bank ING today said that it was offering a minority public stake in its NN Group insurance business, in the final stage of restructuring imposed after a government bail-out following the 2008 banking crisis, reported PTI "ING today confirms the intention to proceed with (an) initial public offering and listing on (the) Euronext Amsterdam of NN Group," ING said in a statement. "The intended IPO will consist solely of a secondary offering of a minority holding of NN Group's shares held by ING," the Amsterdam-based bank said. Although ING did not put a price on the offer, it announced in April it had secured 1.275 billion euros (USD1.7 billion) in investment in the NN Group ahead of the IPO. ING itself valued the NN Group at 10.7 billion euros, as per the media reports. Chief executive Ralph Hamers said, "Today's announcement signals the launch of the final major transaction in ING's five-year restructuring."
