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Debut of ING U.S. on NYSE marks milestone in restructuring of ING Group

ING has made strides in delivering on a restructuring programme announced in 2009 and actively managing its portfolio of businesses in line with its strategic objectives

May 03, 2013 4:55 IST | India Infoline News Service
ING announced on Thursday that ING U.S., Inc., its U.S.-based retirement, investment and insurance business, started trading on 2 May on the New York Stock Exchange (NYSE) under the ticker symbol “VOYA” . The market debut follows an Initial Public Offering (IPO) that, upon completion, will reduce ING Group’s stake in ING U.S. to 75%.

“The successful listing of ING U.S. is a very important milestone in the restructuring of ING,” said Jan Hommen, CEO of ING Group. “In the past four years, we have made huge steps in reducing the size and complexity of our company while at the same time improving our financial strength and enhancing our focus on our customers.”

“The employees and leadership of ING U.S. have put immense effort in preparing their company for a standalone future as a listed company. I am confident that ING U.S. continues to be well positioned to capture market opportunities and bring benefits to all its stakeholders. While the achievements to date are remarkable, our work at ING Group is far from done. We will now embark on the final phase of our restructuring. We will reinforce our efforts to maintain the momentum in divesting our remaining insurance and investment management businesses, using the vigour and dynamism the ING U.S. team has shown as inspiration.”

ING has made strides in delivering on a restructuring programme announced in 2009 and actively managing its portfolio of businesses in line with its strategic objectives. Already in 2009, ING sold its 70%-stake in ING Canada as well as its 51%-stake in a life insurance and investment management joint venture in Australia and New Zealand. In 2010, ING completed the operational separation of the Insurance and Banking activities.

In 2011, ING sold the Insurance and investment management operations in Latin-
America and its Real Estate Investment Management business. In 2012, ING completed the sale of ING Direct USA and the sale of ING Direct Canada. Since the end of December 2012, ING has also completed the sale of ING Direct UK, the divestment of major parts of its Asian Insurance and investment management units, and today ING U.S. shares started trading on the NYSE. With the listing of 25% of ING U.S. shares on the NYSE, ING has fulfilled its commitment to the European Commission to divest 25% of ING U.S. before the end of 2013. In line with the timeline set out in the restructuring programme, ING intends to divest its remaining stake in ING U.S. over time.

As to the offering of ING U.S., the underwriters have the option for 30 days to purchase up to an additional 9.8 million of ING U.S. shares from ING Group at the initial public offering price of USD 19.50 per share, corresponding to a maximum of 15% of the total number of shares offered in the IPO. Fully exercising this overallotment option would further reduce ING Group’s remaining stake in ING U.S. to approximately 71%. The sale of any remaining shares is subject to a lock-up period of 180 days from 1 May 2013.

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