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ING to inject nearly $1.2 billion into NN insurance unit ahead of IPO

May 9, 2014 - 6:00am

ING Groep N.V. is to pump in €850 million ($1.18 billion) into its subsidiary NN Group N.V., which comprises the group's insurance operations in Europe and Japan, reports Bloomberg.

ING chief executive Ralph Hamers said his company will then sell secondary shares in the planned NN initial public offering. ING, which was ordered to offload all global insurance operations as a condition to receiving bailout funds in 2008, is required to complete the NN Group sale by the end of 2016, Bloomberg reported.

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