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ING to divest over 50% stake in NN Insurance unit by end-2015

ING Groep has unveiled plans to divest over 50% stake in its European insurance unit NN Insurance before 2015 end, as part of a plan to offload its insurance and investment management businesses.

ING

In order to formulate its plan, the Amsterdam-based financial services company will launch an initial public offering to list €10.3bn ($14bn) insurance subsidiary, NN Group, on Euronext Amsterdam.

The bank said NN Group will pay a €175m euro dividend in 2015 in relation to the second half of this year.

NN Group provides retirement, life insurance, non-life insurance, investment management and banking (in the Netherlands) to its customers across Europe and Japan.

After listing of NN Group, ING will receive the net proceeds of the offering and will retain a significant majority holding in the company.

ING Group CEO Ralph Hamers said: "Today’s announcement signals the launch of the final major transaction in ING’s five year restructuring."

"With the IPO of NN Group, we will have substantially completed the repositioning of ING as a pure bank."

NN Group vice-chairman Lard Friese added: "The focus we will have as a standalone company helps us in our dedication to provide our clients with an excellent experience and to deliver on our company´s business objectives.

"We are enhancing our inclusive, international business culture in which we all go the extra mile to help people secure their financial futures."

During the financial crisis of 2008, ING received a €10bn bailout package, and the company is offloading insurance and investment management businesses globally to pay back the creditors.

ING offers banking, investments, life insurance and retirement services, with operations mostly concentrated in China, Hong Kong, India, Japan, Malaysia, South Korea and Thailand.
——————————————————————————————————————————————————————————————Image: ING House on the Zuidas in Amsterdam. Photo courtesy of Mig de Jong.