News Summary: ING plans IPO for insurance business

Last Updated: Fri, Nov 09, 2012 21:15 hrs

: Dutch bank ING Groep NV will hold an initial public offering of stock to spin off its U.S.-based retirement, investment and insurance business. ING expects the sale to raise $100 million.

LATEST SPIN-OFF: The company has been shedding businesses to meet the conditions of a bailout that it received during the global financial crisis. Since July 2011, it has sold Latin American insurance companies and retail banks in the U.S., Canada and the U.K.

SHAKY FINANCES: For the U.S. division being spun off, net income in the first half of 2012 fell 81 percent to $129.2 million from the same six months a year ago.

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