ING to sell off remaining stake in insurer NN
On Thursday afternoon ING Group announced the sale of the last of its residual share in the insurance and asset management company Nationale-Nederlanden, NU report.
This last block consists of 45,7 million of shares, and it will be sold to institutional investors for an amount of over 1,4 billion euros - 30,70 euros per share. This holding corresponds to the 14 per cent of the firm.
The sale of the insurance company was one of the conditions the European Commission set for the bank receive the State-aid after the economic crisis started in 2008.
The transaction will be completed within the next week.