Dutch financial company ING raises €1.54bn from sale of stake in insurer

ING, the biggest Dutch financial services company, raised €1.54bn from the sale of shares in its insurer NN, the second-biggest initial public offering in Europe this year.

The sale of 28.6% of NN, with operations in Europe and Japan, brings ING closer to the end of a restructuring programme imposed by European Union regulators following a 2008 rescue from the Netherlands. It will use the proceeds to pay debt and further unwind into a bank and insurer.

“Today’s announcement marks a very important event for ING and underscores again that the company will soon complete its restructuring story,” said Lemer Salah, an Amsterdam-based analyst at SNS Securities. “We remain bullish on the stock given its numerous positive triggers and strong market position in Europe.”