Dutch bank ING is preparing an initial public offering of stock to spin off its U.S.-based retirement, investment and insurance business.
The company said in a public filing Friday that it expects to raise US$100-million by selling shares of ING U.S. Inc.
ING has been selling off businesses to meet the conditions of a US$13.5-billion bailout that it received during the global financial crisis.
European policymakers had demanded that ING sell its insurance business, a mortgage division and its U.S. retail bank.
The Canadian operations of ING were scooped up for more than $3 billion by Scotibank in a deal announced in August.
ING sold its U.S. online retail bank, ING Direct, to Capital One Financial Corp. for US$9-billion earlier this year.
ING will use the proceeds of the stock offering to strengthen its balance sheet, so that it can survive as a standalone company.
The IPO is being handled by Morgan Stanley and Goldman Sachs.
Source: http://business.financialpost.com/2012/11/09/ing-preps-100m-ipo-for-u-s-retirement-business/
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