ING collects further US$1.2bn from selldown

摘要

Netherlands-based ING Group last week took another big step towards achieving the required complete selldown of its US life insurance arm, offloading 12% of the unit in a US$933.6m stock offering alongside a stock buyback to net overall proceeds of nearly US$1.2bn. The sale cuts the Dutch parent's stake in ING us (which is in the throes of changing its name to Voya Financial) to 45% from 57%. This is well ahead of the schedule mandated as part of the financial crisis-era bailout of the Dutch company, requiring it to sell at least 50% by the end of this year and all of the subsidiary by the end of 2016.