ING COMPLETES DISPOSAL OF INSURANCE BUSINESS

ING has announced that it has sold all remaining shares in NN Group, the Dutch bank’s former European and Japanese insurance business. The sale concludes ING's divestment of all of its insurance and investment management businesses as part of the restructuring agreement with the European Commission. Today, the bank said it had sold its remaining 14% stake in NN Group, or 45.7 million shares, at a price of €30.15 per share to institutional investors. In 2014, ING Group span-off its insurance business, renamed NN Group, through an initial public offering, followed by further disposals in 2015 and 2016. It had also previously sold its insurance business in Asia and Latin America. Lard Friese, chief executive of NN Group said: “Today is a historic moment for NN Group. We thank ING Group for their partnership and support in our journey to become a stand-alone company”.