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Tuesday, November 20, 2012

ING Wins More Time to Sell

News summary by MFWire's editors

ING Group now has five more years to IPO its U.S. businesses (which include a mutual fund arm). Yet the divestment may not slow down.

In 2008 the Dutch government bailed out the multi-national financial services firm to the tune of 10 billion euros (about $12.8 billion). An initial agreement required ING to sell much of its international businesses and repay the Dutch government by the end of 2013.

On November 9, 2012, ING U.S. [profile] filed to go public by raising up to $100 million. Then yesterday its Dutch parent reached an agreement with the Dutch government and the European Commission that gives ING another five years to sell the businesses and repay the remaining 3 billion euros, Robin Van Daalen of the Wall Street Journal reports. Yet ING Group must still sell 25 percent of ING U.S. by the end of next year.

"We will certainly maintain the momentum in our divestment program and remain committed to repay the state as quickly as we can," ING Group CEO Jan Hommen said. "We are pleased that the agreement announced today gives us more time and flexibility to complete the required restructuring while leaving our strategic objectives unchanged."

According to ING U.S.'s S-1, its investment management unit holds $166.1 billion in assets under management and generated $64 million in operating income in the first half of 2012. 

Edited by: Neil Anderson, Managing Editor

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