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.
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.