ING Group completes EUR 1.125 billion pre-IPO investment into NN Group

ING Group completes EUR 1.125 billion pre-IPO investment into NN Group

ING Group completes EUR 1.125 billion pre-IPO investment into NN Group

The FINANCIAL -- Amsterdam -- ING has completed the issuance of EUR 1.125 billion in subordinated notes that will, in line with the completion of the intended IPO of NN Group, be exchanged into NN Group shares.

The FINANCIAL -- Amsterdam -- ING has completed the issuance of EUR 1.125 billion in subordinated notes that will, in line with the completion of the intended IPO of NN Group, be exchanged into NN Group shares. The transaction represents an important investment into NN Group ahead of the intended IPO of ING's European and Japanese insurance and investment management activities, according to ING.

As announced on 30 April 2014, ING has secured investments totalling EUR 1.275 billion into NN Group ahead of its intended IPO by agreeing to sell EUR 150 million in NN Group shares at the IPO to RRJ Capital, Temasek, and SeaTown Holdings International, three Asia-based investors, and to issue to these investors EUR 1.125 billion subordinated notes that will over time be mandatorily exchanged into NN Group shares.

As previously announced, ING is preparing NN Group for a base case IPO. Preparations are on track for a transaction in 2014, depending on market circumstances, and any further announcements will be made as and when appropriate, according to ING.