ING plans to float insurance unit NN

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KONICA MINOLTA DIGITAL CAMERADutch banking group ING is planning to float its insurance unit with private equity firm RRJ and Singapore’s sovereign wealth fund Temasek expected to participate in the IPO.

The unit, NN Group, is expected to be floated by the end of the year, said CEO Ralph Hamers, according to Reuters.

RRJ and Temasek, which are invested in NN, are due to participate in the IPO as anchor investors.

“This signals the launch of the final major transaction in ING’s five-year restructuring…with the IPO of NN Group we will have substantially completed the repositioning of ING to a pure bank,” said Hamers, according to the report.

Last year the unit posted a €905m profit on gross written premiums of €9.5bn.

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