ING sets Nationale Nederlanden IPO
ING has announced that it is brining its insurance branch to the Amsterdam stock exchange in an IPO move. This may take place within two months, the NOS reports.
According to the paper, this move has been in the planning for some time. ING has had the idea to make the NN Group, which includes Nationale Nederlanden, independent. ING Insurance Europe, ING Life Japan and ING Investment Management are also part of the NN Group.
The insurance company is also active in other European countries such as Poland and Hungary, but also further abroad like Japan. The CEO of the company, which will soon be independent and publicly traded, will be Lard Friese, and the headquarters will be in The Hague.
The bank is selling less than half of its shares at first, but hopes to have all shares sold before the end of 2016. According to analysts, the NN Group is good for around €8 billion.
According to the NOS, Asian investors showed interest in the insurance company in April. Investment companies from Hong Kong and Singapore already signed in for €1.3 billion.
"This is the last step in the five year long restructuring of ING", says Ralph Hamers, ING head. "With the IPO of the NN Group we reposition ING as a pure bank."
During the credit crisis, ING received €10 billion in state support, which is why the split was deferred by Europe. ING Group had to put the bank and insurance activities apart.