NN Group celebrates first day trading on Euronext Amsterdam

On 1 July, 2014, ING Group announced the pricing of 77 million ordinary shares sold in the Initial Public Offering (IPO) of NN Group at EUR 20.00 per share, resulting in approximately EUR 1.5 billion in gross proceeds for ING. The offer price values NN Group at EUR 7.0 billion.

“For NN Group it is a pivotal step in the journey to become a standalone company. I congratulate NN Group with the progress they have made in preparing for their future and in establishing a compelling investment case with a clear roadmap for shareholder returns,” said Ralph Hamers, ING Group CEO.

At 9 AM, NN Group CEO and chairman Lard Friese celebrated the company’s listing day by hitting the ceremonial opening gong that marks the beginning of trading at the stock exchange. He was accompanied by ING Group CEO Ralph Hamers, ING Group CFO Patrick Flynn and members of the executive and supervisory boards of ING Group and NN Group.

It’s a great pleasure to announce our listing on Euronext Amsterdam. This event represents the final step in our journey to become a standalone company.

 

“It’s a great pleasure to announce our listing on Euronext Amsterdam. This event represents the final step in our journey to become a standalone company. After 23 years we’re back on the stock exchange of Amsterdam and I want to thank the teams of both ING and NN Group, whose tireless efforts helped us to achieve this major milestone,” Mr Friese said.

In early June, ING confirmed its intention to proceed with the Initial Public Offering (IPO) of NN Group and listing on Euronext Amsterdam. The offering consisted solely of existing shares of NN Group owned by ING.

The sale of 77 million shares in the IPO and the exchange of the EUR 450 million subordinated notes into NN Group shares reduces ING’s ownership in NN Group to 71.4% at the settlement of the IPO.

ING has granted the joint global coordinators, on behalf of the underwriters, an over-allotment option to purchase additional shares in NN Group. If this option is fully exercised, then ING’s ownership in NN Group will be further reduced to 68.1%.

ING intends to use the net proceeds of the offering to eliminate ING Group’s double leverage.

The NN Group IPO is in line with ING’s stated objective to divest its insurance and investment management businesses. Following the IPO, ING intends to reduce its shareholding in NN Group to below 50% before 31 December 2015 and divest the remaining stake before 31 December 2016, in line with the timeline ING has agreed with the European Commission. ING retains full flexibility in the way it may execute the divestment of the remaining stake in NN Group post IPO.

Mr Hamers said ING Group’s restructuring was not too far from completion.

After the IPO of NN Group, we are well into the end phase of our restructuring, which includes the last repayment of approximately EUR 1 billion to the Dutch State and the divestment of the remaining stakes we have in two successfully publicly listed insurance companies – Voya and NN Group

"After the IPO of NN Group, we are well into the end phase of our restructuring, which includes the last repayment of approximately EUR 1 billion to the Dutch State and the divestment of the remaining stakes we have in two successfully publicly listed insurance companies – Voya and NN Group,” Mr Hamers said.

“I’m grateful for the continued support of our customers, employees, shareholders, regulators, the Dutch State and other stakeholders as we complete this transition. Our focus for ING Bank going forward is to further execute on our Think Forward strategy, strengthening our position as a European banking leader, creating a differentiating customer experience and empowering our customers to stay a step ahead in life and in business.”

NN Group is a leading Dutch insurer with a strong European insurance and investment management footprint and an attractive Japanese business, including its main business lines Nationale-Nederlanden, ING Insurance Europe, ING Investment Management and ING Life Japan.