ING Reports Intention To Start IPO Of NN Group - Quick Facts

(RTTNews) - Dutch financial services company ING Group NV (ING) confirmed the intention to launch an initial public offering or IPO and listing on Euronext Amsterdam of NN Group N.V., an insurance and investment management company offering retirement, life insurance, non-life insurance, investment management and banking in the Netherlands to its customers across Europe and Japan. The IPO would cover the existing ordinary shares in NN Group, currently wholly owned by ING.

The intended IPO would include solely of a secondary offering of a minority holding of NN Group's existing ordinary shares now held by ING Group to institutional and retail investors in the Netherlands and to certain institutional investors in various other jurisdictions. Further, ING would receive the net proceeds of the offering and would retain a majority holding in NN Group, following its listing. Also, ING would reach customary lock-up arrangements with the underwriters regarding the sale of its remaining NN Group shares.

For the second half of 2014, NN Group plans to pay a dividend of 175 million euros, payable in 2015. It envisages a dividend pay-out policy from 2015 onwards, payable from 2016, of 40-50% of the net operating result from the ongoing business.