ING Prepares U.S. Insurance Business for IPO
ING agreed to separate its banking and insurance businesses by the end of 2013 so it could get European Commission approval for a government bailout, Bloomberg News said. The bank is now considering IPOs for both its European and U.S. insurance divisions.
The IPOs could take place as soon as the final quarter of 2011.
The bank's profit for the quarter ending Sept. 30 fell to 371 million euros ($511 million) as its wrote down goodwill at the U.S. insurance unit to prepare the business for an IPO.