AMSTERDAM (AP) — ING Groep NV, the Dutch bank and insurance company, has struck a deal to sell $1.8 billion (1.28 billion euros) worth of shares in its insurance arm to Asian investors later this year.
The European Commission has instructed ING to spin off its remaining insurance operations in compensation for needing state support during the financial crisis of 2008. The date of the initial public offering has not been set.
In Wednesday's deal, RRJ Capital, Temasek and SeaTown Holdings agreed to purchase shares at 3 percent below whatever IPO price is eventually set.
ING benefits from guaranteed support for the IPO, while the Asian investors benefit from the discount.
The business, which is to be branded NN Group, had a book value of 14.3 billion euros at the end of 2013.