Dutch bank ING Groep NV will hold an initial public offering of stock to spin off its U.S.-based retirement, investment and insurance business, the company said Friday.
ING expects the sale to raise about $100 million by selling shares of ING U.S. Inc., it said in a public filing. The shares are expected to trade on a U.S. exchange. The filing was preliminary, so the size of the offering may change and many details were not yet available.
ING U.S. will use the proceeds of the stock offering to strengthen its balance sheet, so that it can survive as a standalone company.
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