News Summary: ING plans IPO for insurance business

AP News
Posted: Nov 09, 2012 4:08 PM

BIG SALE: 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.

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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.