Saturday, May 18, 8:45 AM
Newly public ING U.S. (VOYA) is up 20% since its IPO 2 weeks ago, but only trades at 60% of book value compared to the average life insurer (MET, HIG, PRU) selling for near book, writes Andrew Bary. Not only that, but the company is misunderstood - it's more retirement-services specialist (think PFG) and asset manager than life insurer, and should command an even higher valuation. What's more the seller (ING) was forced by regulators to do so against its will, the ING CEO calling it a "significant destruction of capital." Spinoff & Reorg Profiles - rarely a fan of promoted IPOs - think's it's worth $31. With an easily digestible $6B market cap, it might be worth even more to an acquirer.
Comment![Quick Ideas, Financials]
Thursday, May 2, 11:04 AM
ING U.S. (VOYA +2.3%) opens higher after a lackluster IPO which found the stock pricing at $19.50, well below its expected range of $21-$24.
Comment![Financials, On the Move]
Thursday, May 2, 10:56 AMING is reportedly prepping the sale of nearly two-thirds of its $4B U.S. property loan portfolio as it continues with plans to wind down its U.S. property-lending business. Bank sources expect to get face value of higher given the current rally in commercial debt and other recent sales that went well. "The response should be robust," says one investor.
Comment![Financials]
Wednesday, May 1, 7:00 AM
The two men in charge of ING's U.S. unit - IPOing today and set to be renamed Voya Financial (VOYA) - are "the unsung heroes" of AIG, according to the former exec in charge of restructuring at the insurer. Voya CEO Rod Martin and COO Alain Karaoglan both oversaw AIG units as they were sold to raise capital. At the midpoint of the $21-$24 IPO price range, Voya would be selling for about 40% of book, a lower valuation than competitors MET, PFG, PRU, and LNC.
2 Comments[Financials]
Friday, April 26, 7:07 AMING Group scales back its commercial banking operations, agreeing to sell its custody services operations in 7 countries - with assets of $143B - in central and eastern Europe to Citigroup. Details of the transaction are as yet undisclosed, but the bank announced plans last year to trim 1K jobs and $339M in costs from its commercial banking unit.
Comment![Financials]
Tuesday, April 16, 4:28 PMING Group will attempt to raise up to $1.5B in the IPO of its U.S. unit, now renamed Voya Financial and expected to trade under the symbol VOYA. The U.S. operation had nearly $400B in AUM as of June 30, 2012, with operating income of $438.6M in the 12 months ending then. (S-1)
Comment![Financials]
Monday, April 15, 3:28 AM
ING (ING) reportedly intends to launch the sale of its 31% stake in Thailand's TMB Bank (TMBBY.OB) after the county's election on May 5. The Dutch firm is waiting until after the poll in the hope that it can induce Malaysia's two dominant banks - CIMB Group (CIMDF.OB) and Malayan Banking (MLYBY.PK), to bid for the stake, whose value of $1.2B is well above the €460M that ING paid for it in 2007. ING has been selling assets around the world in order to repay a bailout.
Comment![Financials, M&A]
Thursday, April 11, 12:46 PM
ING Group (ING +1.1%) which is divesting its U.S. business in an upcoming IPO, says it will change the name of ING US to to Voya Financial. The rebranding is expected to take 24 months following the IPO, and until that time, the company will continue to operate as ING US. The firm says it's choice of the name Voya Financial is a play on the term "guiding investors through their financial voyage."
6 Comments[Financials, On the Move]
Wednesday, April 3, 12:14 PM
ING is experiencing technical difficulties. Social media outlets are alive with complaints and the company's phone lines are "jammed" as customers claim account balances are off by thousands of euros. Shares -2.6%.
3 Comments
Friday, March 22, 7:09 AMING falls more than 2% in Amsterdam as it discloses about $1.16B of exposure to companies registered in Cyprus. The bank says its credit risk, however, is limited, given most of the companies are domiciled out of the country and the exposure is limited to letters of credit and very short-term maturity items.
Comment![Financials]
Tuesday, March 12, 9:28 AMING may get another bidder for its South Korean life insurance unit as MBK Partners hires Barclays to advise it on putting together a price, reports the WSJ. It's speculated Korea's 2nd and 3rd largest life insurers - Hanwha and Kyobo - are also considering bids.
Comment![Financials]
Monday, February 25, 5:52 PMAfter-hours top gainers, as of 5:15 p.m.:CLNY +6%. MTG +4%. CRDB +4%. ING +4%. AXTI +4%. After-hours top losers:CZR -9%. RDN -6%. VVUS -4%. APOL -3%. GMO -3%.
Comment![On the Move]
Friday, February 22, 4:29 AM
ING (ING) CEO Jan Hommen will step down in October and be replaced by Ralph Hamers, the head of the Dutch bank's Belgian operations. Hamers, who joined ING in 1991, has "an excellent track-record...in leading strategic change processes," ING says. That should come in handy, given the massive changes the bank's been going through, including selling billions of dollars of assets. Shares -0.7% premarket. (PR)
Comment![Financials, Top Stories]
Wednesday, February 13, 3:06 AM
More on ING (ING) Q4: To axe 2,400 jobs -1,400 jobs in Holland and 1,000 in Belgium - as part of program to reduce annual operating costs by €1B by 2015. The job losses add to cuts of 2,350 announced in November, and more could be on the way, with CFO Patrick Flynn saying the bank needs 7,500 fewer staff. Tier 1 capital ratio falls to 11.9% from 12.1% in Q3. (PR)
Comment![Earnings, Financials]
117746: Tell me smething about ECHELON after sept 07,2007 until today has drop more than 90% why? today again funny play too low.
12/20/12
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Chines33 Frank Holmes says ING bank is levered 40-1 and a 2.5% change in that equity will wipe the bank out..
6/4/12
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Energysystems: The banks "have" the ultimate backstop. Why not go balls to the walls if Uncle Sams' got your back?
6/4/12
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cowpieTX Has anyone seen my face around here? because I think it got RIPPED OF MYF'ING SKULL this week! but I got s'more TVIX with my Oct bonus
10/28/11
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Inzaghi009: *gulp*. i have some funds left to add to tvix position. waiting for opportunity: just before Dec 2nd or sometime in Nov? Or dollar cost avg?
10/29/11
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inquisitivemind7: lnzaghi009, buy TVIX @20-25 or Dec 1st by latest, whichever comes first.
The_American: Do NOT under estimate CHINA. If you bought when I put my stock buys out you did VERY well. Now fishing in XCO , SD , LNG , CQP , SIL , RIO
10/12/11
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