Dutch based ING (NYSE:ING) announced that it is planning an IPO to spin off its U.S. retirement, investment, and insurance business. The company plans to raise $100 million in the offering, and has been selling off assets to meet condition of a $13.5 billion bailout it received. The company sold its U.S. online bank, ING Direct, to Capital One Financial (NYSE:COF) earlier in the year. The company plans to use proceeds to strengthen its balance sheet.
Bookrunner for the offering are Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS).
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