ING plans $100m IPO of US investment business

Amsterdam: Dutch bank ING is preparing an initial public offering of stock to spin off its US-based retirement, investment and insurance business.

The company said in a public filing on riday that it expects to raise $100 million (Dh367 million) by selling shares of ING US Inc.

ING has been selling off businesses to meet the conditions of a $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. ING sold its US online retail bank, ING Direct, to Capital One Financial Corp. for $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.