ING Group Thursday confirmed its intention to proceed with the Initial Public Offering and listing on Euronext Amsterdam of NN Group N.V., an international insurance and investment management company.
The IPO will comprise existing ordinary shares in NN Group, currently wholly-owned by ING.
“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 EUR 1.275 billion ($1.7 billion) in investment in the NN Group ahead of the IPO.
NN Group is valued at EUR 6-8 billion and it was valued by ING itself at EUR 10.7 billion.
The insurer offers retirement, life insurance, non-life insurance, investment management and banking in the Netherlands.
NN Group’s main international operations are Nationale-Nederlanden, ING Insurance Europe, ING Investment Management şi ING Life Japan. In Europe, the company is present in several countries, including: Romania, Bulgaria, Turkey, Greece, Hungary, Slovakia, Poland, Czech Republic, Germany, France, UK, Italy, Spain.