Dutch’s ING Selling 11.5% Stake in US Unit

Dutch banking and insurance giant ING Group wants to unload its US-based insurance arm.

On Monday, Amsterdam-based ING Group announced that it plans to sell a further 11.5% of its shares, or some 30 million shares, in ING US through an initial public offering (IPO).

As a result, ING’s stake will drop from 71.0% to around 60.0%, the company said in a statement.

.

ING Group said it intends to use the proceeds of the planned transaction for the reduction of its core debt, AFP reports.

“The sale's final timing, size and offer price were yet to be determined and "remained subject to market and other conditions," according to ING.

ING is scheduled to sell its remaining stake in ING US by the end of 2016.