ING plans $100M IPO of US investment business

Last Updated: Fri, Nov 09, 2012 22:31 hrs

.-based retirement, investment and insurance business.

The company said in a public filing Friday that it expects to raise $100 million by selling shares of ING U.S. 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 U.S. 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.

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