Key Developments: ING Groep NV (ING)

ING on New York Consolidated

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19 Dec 2014
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Latest Key Developments (Source: Significant Developments)

ING Groep lays off 1,700 employees
Tuesday, 25 Nov 2014 01:00am EST 

ING Groep NV:Reduces ING's Dutch workforce by 1,700 over three-year period.Says in addition, it will reduce number of positions employed by external suppliers by 1,075.  Full Article

ING Groep's subsidiary Vysa Bank to merge with Kotak Mahindra Bank
Thursday, 20 Nov 2014 07:51am EST 

ING Groep NV:Says ING Vysya Bank (Vysya) and Kotak Mahindra Bank (Kotak) announced their intention to merge their respective businesses.Says with current shareholding of 42.7 pct, ING is largest shareholder in Vysya.Shareholders of Vysya will receive 0.725 shares in Kotak for each Vysya share.Says upon completion of merger, ING would hold a stake of about 7 pct in combined company, which will operate under Kotak brand.Says ING's holding in combined company will be subject to 1 year lock-up period from closing of transaction.Says proposed transaction is estimated to result in pro-forma net profit for ING of about 150 million euros to be booked at closing, and limited positive impact on ING Bank's common equity Tier 1 ratio.Says transaction is expected to close in H2 2015.  Full Article

ING Groep to sell 34.5 million shares in Voya Financial
Wednesday, 12 Nov 2014 04:36pm EST 

ING Groep NV:Agrees to sell shares of common stock of Voya Financial, Inc. in underwritten public offering.Enters as well into share repurchase agreement with Voya under which Voya is to repurchase $175 million of its shares of common stock from ING Group.Price per share payable by Voya as part of share repurchase to be same as price paid by underwriters to ING Group as part of underwritten offering.Offering and repurchase to result in sale of total of 34.5 million shares.ING Group's stake in Voya to be thus reduced to about 19 pct at completion of transactions from 32.5 pct.Transactions expected to settle on Nov. 18.  Full Article

ING Groep to propose KPMG Accountants as its auditor
Wednesday, 5 Nov 2014 01:05am EST 

ING Groep NV:To propose to the 2015 Annual General Meeting of Shareholders the appointment of KPMG Accountants NV as its auditor.If the AGM appoints KPMG, KPMG will perform the audit of ING Group starting with the financial year ending Dec. 31, 2016.Audit of the 2015 annual accounts will be performed by Ernst & Young Accountants LLP (EY), ING's current auditor.  Full Article

Voya Financial announces outcome of secondary common stock offering by ING Group
Wednesday, 3 Sep 2014 07:45am EDT 

Voya Financial Inc:To sell 22,277,993 shares of Voya Financial common stock at a price of $38.85 per share to the underwriters in its previously announced underwritten public offering.Voya Financial will not be issuing or selling common stock, and will not receive any proceeds from the offering.To repurchase from ING Group an additional 7,722,007 shares of its common stock for an aggregate purchase price of $300 mln.Morgan Stanley & Co. LLC and BofA Merrill Lynch are acting as joint book-running managers and underwriters for the offering.Closing of the public offering and of the direct share repurchase are expected to occur on Sept. 8.  Full Article

ING Groep NV to sell 30 million shares in Voya Financial, Inc.
Tuesday, 2 Sep 2014 04:32pm EDT 

ING Groep NV (ING):Announces that it has agreed to sell shares of common stock of Voya Financial, Inc. (Voya) in an underwritten public offering.Says it has entered into a share repurchase agreement with Voya Financial, Inc. under which Voya will repurchase $300 million of its shares of common stock from ING.Says the price per share payable by Voya as part of the share repurchase will be the same as the price paid by the underwriters to ING as part of the underwritten offering.Says the offering and the repurchase will result in the sale of the total of 30 million shares which will reduce ING's stake in Voya to around 32 percent at the completion of the transactions from 43 pct.  Full Article

Additional proceeds generated to ING within NN Group IPO
Thursday, 10 Jul 2014 04:00am EDT 

ING Groep NV:Over-allotment option of NN Group N.V. IPO fully exercised.11.6 mln additional shares sold (15 pct of base offer shares) at offer price of 20 euros per share.231 mln euros gross proceeds generated to ING.ING ownership in NN Group reduced to 68.1 pct from 71.4 pct.Total gross proceeds from NN Group IPO amount to 2.2 bln euros.  Full Article

ING Groep NV announces settlement of NN Group NV IPO
Monday, 7 Jul 2014 03:51am EDT 

NN Group NV:Says the Initial Public Offering of the company has been settled.Says as a result of the settlement, ING Groep NV (ING) has received 2.0 billion euros in gross proceeds from the sale of 77 million existing ordinary shares in NN Groep NV and the exchange into NN Group NV ordinary shares of 450 million euros in mandatorily exchangeable notes.Says that consequently, ING's ownership of NN Groep NV has been reduced to 71.4 per cent.Says that NN Groep NV shares were listed and started trading on Euronext Amsterdam (on an if-and-when-delivered basis) on July 2.Says that the shares are traded unconditionally under the listing name "NN Group" and the symbol "NN".  Full Article

Ing Groep prices NN Group shares in IPO
Tuesday, 1 Jul 2014 05:49pm EDT 

Ing Groep NV:To sell 77 mln ordinary shares in IPO of NN Group at offer price of 20 euros per share, resulting in about 1.5 bln euros in gross proceeds for ING.Gross proceeds to ING at settlement of IPO amount to about 2 bln euros including exchange into NN Group shares of 450 mln euros of mandatorily subordinated notes and excluding exercise of over-allotment option.ING intends to use net proceeds of offering to reduce its double leverage.NN Group shares expected to be listed and start trading on Euronext Amsterdam on July 2 under listing name "NN Group" and symbol "NN".Settlement date and start of unconditional trading expected to take place on July 7.  Full Article

Ing Groep sells remaining 10 pct stake in SulAmerica
Friday, 27 Jun 2014 04:03pm EDT 

Ing Groep NV:Remaining 10 pct stake in SulAmerica SA sold through block trade on BM&F BOVESPA stock exchange.Transaction completes divestment of company's stake in SulAmerica.Trade closed at 15.31 Brazilian reias per unit.Proceeds of about 170 mln euros in cash generated by sale.Proceeds to be used for reduction of company's core debt.Transaction expected to be settled on July 2.  Full Article

BRIEF-ING Groep to further invest in digital banking; will cut 1700 jobs

* ING Group : ING to take next step in digital banking in the Netherlands

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