Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
AMSTERDAM (AP) — The insurance arm of Dutch financial firm ING has begun trading as the independent company NN Group, effectively completing ING's split into a bank and an insurance company, as required by EU authorities.
ING raised around 2 billion euros ($2.7 billion) by selling a 28.6 percent stake in NN Group, mostly in Wednesday's public offering. Shares were sold at 20 euros each and NN Group's stock traded 8.3 percent higher at 21.66 by midday.
NN Group becomes a mid-sized European insurance company, with a market capitalization of around 7.5 billion euros.
The European Commission ordered ING to split in compensation for needing a 10 billion-euro bailout from the Dutch state in 2008. ING is using proceeds to cut debt and plans to sell off its NN Group stake by 2016.
Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
