ING sells $974M worth of shares in U.S. unit

|About: ING Groep N.V. (ING)|By:, SA News Editor

ING Groep (ING) has raised $974M after selling 33M in its U.S. insurance unit at $29.50 each.

The sale lowers ING's holding in ING U.S. (VOYA) to 59% from 71%.

ING is selling down its holdings in its U.S. subsidiary, which will be renamed Voya Financial, as part of the terms of a bailout it received during the financial crisis. ING has until the end of 2016 to sell the rest of its shares.