Arab Today, arab today ing bank launches ipo for dutch insurance giant nn group
Last Updated : GMT 21:48:36
Arab Today, arab today
Arab Today, arab today

ING bank launches IPO for Dutch insurance giant NN group

Arab Today, arab today

Arab Today, arab today ING bank launches IPO for Dutch insurance giant NN group

Dutch bank ING
The Hague - AFP

Leading Dutch bank ING announced on Thursday it was offering a minority public stake in its NN Group insurance business, in the final stage of restructuring imposed after a government bail-out following the 2008 banking crisis.
"ING today confirms the intention to proceed with (an) initial public offering and listing on (the) Euronext Amsterdam of NN Group," ING said in a statement.
"The intended IPO will consist solely of a secondary offering of a minority holding of NN Group's ... shares held by ING," the Amsterdam-based bank said.
Although ING did not put a price on the offer, it announced in April it had secured 1.275 billion euros ($1.7 billion) in investment in the NN Group ahead of the IPO.
Three Asian-based firms would act as "anchor investors", injecting 150 million euros ($204 million) into the insurer.
In addition, ING has also issued mandatory exchangeable subordinated notes to the anchor investors to the value of 1,125 billion euros.
ING itself valued the NN Group at 10.7 billion euros.      
ING added it planned to sell more than half of its shares in NN Group by the end of next year and the rest by the end of 2016.
The sale of NN Group forms part of ING's restructuring imposed on it by the European Commission after a 10-billion-euro ($13.7 bn) government bail-out during the height of the 2008 banking crisis.
ING has already paid back more than 13.5 billion euros of the state loan received in October 2008 and is expected to pay two more instalments each worth 1.1 billion euros by May 2015.
So far, ING has sold businesses in Canada, Australia, New Zealand and Latin America and Asia as part of its restructuring.
Chief executive Ralph Hamers said "today's announcement signals the launch of the final major transaction in ING's five-year restructuring."
"With the IPO of NN Group, we have substantially completed the repositioning of ING as a pure bank," he said.
NN Group is a leading Dutch insurer and investment management company that has branches in more than 18 countries, mainly in Europe and Japan.
It posted a before-tax turnover of 905 million euros last year.
NN Group said it aimed at paying 175 million euros in dividends to shareholders by 2015.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ing bank launches ipo for dutch insurance giant nn group Arab Today, arab today ing bank launches ipo for dutch insurance giant nn group

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today ing bank launches ipo for dutch insurance giant nn group Arab Today, arab today ing bank launches ipo for dutch insurance giant nn group

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today US travel restrictions are still 'Muslim ban'

GMT 00:54 2017 Tuesday ,26 September

US travel restrictions are still 'Muslim ban'
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Israel builds settlements 'at high rate'

GMT 01:04 2017 Tuesday ,26 September

Israel builds settlements 'at high rate'
Arab Today, arab today Saudi clerics use Twitter, textbooks

GMT 10:13 2017 Tuesday ,26 September

Saudi clerics use Twitter, textbooks
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Personality study finds fish have hidden depths

GMT 00:43 2017 Tuesday ,26 September

Personality study finds fish have hidden depths
Arab Today, arab today China refuses visa to elderly India runner

GMT 15:01 2017 Tuesday ,26 September

China refuses visa to elderly India runner
Arab Today, arab today UAE to open its first nuclear reactor in 2018

GMT 19:11 2017 Tuesday ,26 September

UAE to open its first nuclear reactor in 2018
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Chevrolet's first 9-speed auto debuts

GMT 18:58 2017 Monday ,25 September

Chevrolet's first 9-speed auto debuts
Arab Today, arab today Third generation adds more power

GMT 13:40 2017 Sunday ,24 September

Third generation adds more power
Arab Today, arab today Mai Kassab happy for participating in new film

GMT 09:33 2017 Friday ,22 September

Mai Kassab happy for participating in new film
Arab Today, arab today Botanical gardens a lifeboat

GMT 02:50 2017 Tuesday ,26 September

Botanical gardens a lifeboat

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'

GMT 10:27 2017 Sunday ,24 September

'Lady Beast' fights for girl gamers

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 09:22 2017 Monday ,25 September

Conditions growing dire    

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 16:08 2017 Monday ,25 September

'World's heaviest woman' dies

GMT 12:09 2017 Sunday ,24 September

Taxi! Transport gets an overhaul

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday