ING confirms the intention to sell shares in NN Insurance

12 June 2014 — Vlad BOLDIJAR
ing5The Dutch financial group ING confirmed the intention to proceed with the Initial Public Offering (IPO) and listing on Euronext Amsterdam of the NN Group - the European insurance and investment management group arm. "The IPO will comprise the existing ordinary shares in the NN Group, currently wholly owned by ING," ING said in a statement.

According to the press release, ING intends to divest more than 50% of its shareholding in the NN Group before December 31st 2015 and the remaining shares before December 31st 2016, in line with the timeline that ING has agreed with the European Commission.

As previously announced, ING agreed with three Asian-based investment firms - RRJ Capital, TEMASEK and SEATOWN - that they will participate in the IPO as anchor investors for an aggregate amount of EUR 150 million.

"Today's announcement signals the launch of the final major transaction in ING's five-year restructuring. With the IPO of the NN Group, we will have substantially completed the repositioning of ING as a pure bank," said Ralph HAMERS, CEO of ING Group.

"We're proud of the progress we've made in shaping the NN Group. 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," stated Lard FRIESE, Vice-chairman of NN Group.

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