ING’s restructuring strategy
announced in November 2010, under which it planned initial public
offers (IPO) for its insurance and investment management business
in the US and another for those in Europe and Asia, is under
review.
Prompting a rethink by the
Dutch financial service group is the ongoing turmoil in financial
markets.
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In a statement, ING Group CEO
Jan Hommen explained: “Given the uncertain economic outlook and
turbulent financial markets, especially in Europe, ING has decided
to explore other options for its Asian insurance and investment
management businesses.”
ING will, according to the
release, continue preparations for a standalone future of its
European insurance and Investment management businesses, including
an IPO. ING will also continue to prepare for an IPO for its US
insurance and investment management business.
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