ING Group : ING U.S. Prices Initial Public Offering; First Day of Trading on May 2

 ING Group : ING U.S. Prices Initial Public Offering; First Day of Trading on
                                    May 2

ING announced today the pricing of approximately 65.2 million shares of common
stock sold in the Initial Public Offering of ING U.S., Inc., its U.S.-based
retirement, investment and insurance business, at USD 19.50 per share, which
is below the previously announced estimated price range. The shares are
expected to begin trading tomorrow on the New York Stock Exchange under the
ticker symbol "VOYA."

As previously announced, the IPO of ING U.S. consists of both a primary
component of shares offered by ING U.S. and a secondary component of shares
offered by ING Group. Based on the final price-per-share announced today, and
excluding the exercise of an overallotment option by the underwriters, the
total offering amounts to USD 1.3 billion, including USD 0.6 billion in gross
proceeds from the primary offering for ING U.S. and approximately USD 0.7
billion (approximately EUR 0.5 billion at current exchange rates) in gross
proceeds for ING Group. Upon the closing of the sale, scheduled for May 7, the
IPO reduces the ownership of ING Group in ING U.S. to 75%.

The underwriters have the option for 30 days to purchase up to an additional
9.8 million of ING U.S. shares from ING Group at the initial public offering
price, corresponding to a maximum of 15% of the total number of shares offered
in the IPO. Fully exercising this overallotment option would further reduce
ING Group's remaining stake in ING U.S. to approximately 71%.

As previously announced, ING Group intends to use the proceeds from the
secondary offering for the reduction of Group core debt. The USD 1.5 billion
contingent funding facility currently in place between ING U.S. and ING Bank
N.V. will also be cancelled upon completion of this offering.

As announced on 16 April 2013, the offering will not impact the profit and
loss account of ING Group, as ING U.S. will continue to be fully consolidated
by ING Group. At the price announced today, the offering will have a negative
impact of approximately EUR 1.7 billion on the Shareholders' equity of ING
Group (excluding the exercise of the underwriter's overallotment option). This
amount reflects the difference between the net proceeds of this offering to
ING Group and the estimated IFRS book value of the 25% stake divested in this
IPO.This offering will not have a material impact on the regulatory capital
of either ING Insurance or ING Bank.

As previously announced, ING Group is divesting its insurance and investment
management businesses as part of a restructuring programme agreed with the
European Commission. Following the IPO, ING intends to divest its remaining
stake in ING U.S. over time, as previously agreed with the European
Commission. The sale of any remaining shares is subject to a lock-up period of
180 days from today.

The registration statement relating to these securities has been declared
effective by the U.S. Securities and Exchange Commission. A copy of the
registration statement may be obtained by visiting the SEC website at This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, any securities, nor shall there be any offer,
solicitation or sale of any securities in any jurisdiction in which such
offer, solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.

Press enquiries                            Investor enquiries
ING Group: Victorina de Boer               ING Group: Investor Relations
+31 20 57 66373                            +31 20 57 66396        
ING U.S.: Dana E. Ripley                   ING U.S.: Darin Arita
+1 212 309 8444                            +1 212 309 8999           
ING is a global financial institution of Dutch origin, offering banking,
investments, life insurance and retirement services to meet the needs of a
broad customer base. Going forward, we will concentrate on our position as an
international retail, direct and commercial bank, while creating an optimal
base for an independent future for our insurance and investment management
Certain of the statements contained or referenced herein are not historical
facts, including, without limitation, certain statements made of future
expectations and other forward-looking statements that are based on
management's current views and assumptions and involve known and unknown risks
and uncertainties that could cause actual results, performance or events to
differ materially from those expressed or implied in such statements. Actual
results, performance or events may differ materially from those in such
statements due to, without limitation: (1) changes in general economic
conditions, in particular economic conditions in ING's core markets, (2)
changes in performance of financial markets, including developing markets, (3)
consequences of a potential (partial) break-up of the euro, (4) the
implementation of ING's restructuring plan to separate banking and insurance
operations, (5) changes in the availability of, and costs associated with,
sources of liquidity such as interbank funding, as well as conditions in the
credit markets generally, including changes in borrower and counterparty
creditworthiness, (6) the frequency and severity of insured loss events, (7)
changes affecting mortality and morbidity levels and trends, (8) changes
affecting persistency levels, (9) changes affecting interest rate levels, (10)
changes affecting currency exchange rates, (11) changes in investor, customer
and policyholder behaviour, (12) changes in general competitive factors, (13)
changes in laws and regulations, (14) changes in the policies of governments
and/or regulatory authorities, (15) conclusions with regard to purchase
accounting assumptions and methodologies, (16) changes in ownership that could
affect the future availability to us of net operating loss, net capital and
built-in loss carry forwards, (17) changes in credit-ratings, (18) ING's
ability to achieve projected operational synergies and (19) the other risks
and uncertainties detailed in the Risk Factors section contained in the most
recent annual report of ING Groep N.V. Any forward-looking statements made by
or on behalf of ING speak only as of the date they are made, and, ING assumes
no obligation to publicly update or revise any forward-looking statements,
whether as a result of new information or for any other reason. This document
does not constitute an offer to sell, or a solicitation of an offer to buy,
any securities.

pdf of press release


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Source: ING Group via Thomson Reuters ONE
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