ING complete pre-IPO step for NN unit

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

ING (ING) has issued €1.125B in subordinated notes that can be turned into shares of its NN unit once the subsidiary completes its IPO.

The unit manages ING's European and Japanese insurance and investment management activities, and is on track to float this year.

The listing will be part of ING's requirement to shed a swathe of assets following the bailout it received in 2008 during the financial crisis. (PR)