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ING plans double IPO

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution whatsapp John Dunne ING plans double IPO Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrapcenter_img Dutch banking and insurance group ING said it was planning two initial public offerings for its insurance activities as part of a mandatory split-up imposed because of its state bailout.“While the option of one IPO remains open, we are going to prepare ourselves for a base case of two IPOs for our insurance business,” chief executive Jan Hommen said in a statement.He said a Europe-focussed IPO would have a solid cashflow combined with strong growth positions in developing markets, while a separate US-focussed IPO would have a strong position in retirement services.The US business aims to cut costs by 100 million euros per year from 2011 and will be sold through a share offering as soon as earnings and markets have improved.The split of the group, which still needs to repay half of its 10bn euro Dutch state capital injection, into its banking and insurance businesses will reverse ING’s creation through the merger nearly 20 years ago of bank NMB and insurer Nationale Nederlanden.The separation was imposed by the European Commission as a bailout condition.ING posted a higher third-quarter underlying net profit as a strong performance by its ING Direct online banking activities offset still sluggish insurance income, but fell slightly short of consensus expectations.ING Direct swung to a profit of 412m euros from a loss of 358m due to lower impairments.The banking activities had an underlying pre-tax profit of 1.513bn euros, versus 250m euros last year and a consensus expectation of 1.305bn, due to lower charges and risk costs and healthy margins.The insurance operations saw operating profit rise to 473 million, versus 393 million last year. There was a 356 million euro charge in the third quarter in Japan and the U.S. Underlying pre-tax profit fell to 18 million euros, from 551 million, and against a consensus of 105 million. Wednesday 10 November 2010 3:14 am whatsapp Show Comments ▼ Tags: NULLlast_img

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