ING U.S. Inc, a unit of Dutch financial services group ING Groep, filed to raise up to $100-million (U.S.) in an initial public offering as its parent complies with a European Union mandate to split its businesses.
ING Groep NV is splitting its banking and insurance operations as part of a restructuring deal with the European Commission, turning into a smaller Europe-focused bank.
ING Groep received a €10 billion ($12.71-billion U.S.) capital infusion by the Dutch Government in 2008 and has been selling assets to repay that bailout.
The group sold its U.S. online banking business ING Direct for nearly $9-billion to Capital One Financial Corp last year.
ING U.S., which provides insurance, retirement and investment services, named Morgan Stanley and Goldman Sachs the lead underwriters to the offering.
The U.S. unit had $445.3-billion in total assets under management and administration as of June 30. For the six months ended June, it reported a profit of $129.2-million.
In its filing with the U.S. Securities and Exchange Commission, ING U.S. said it had about 13 million individual and institutional customers.
The filing did not reveal how many shares the company planned to sell, their expected price and the exchange it would list the shares on. ING Groep shares closed at 6.70 euros on Friday.
The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.