Brief background on the divestment process of NN Group
Historical information about NN Group’s journey towards a standalone future
Please find below the previously disclosed steps which ING Group and NN Group or its legal predecessors took in preparation for the base case of an IPO since the announcement of the planned divestment in November 2009.
2008 – 2010
In 2008 and 2009, as a consequence of the financial crisis, ING Group, like other major financial institutions in the Netherlands, received state aid from the Dutch State.
As a condition to receiving approval from the European Commission (EC) for the Dutch State aid, ING Group was required in 2009 to develop and submit a restructuring plan to the EC that included the divestment of ING Group’s insurance and investment management businesses across the world, including NN Group and its subsidiaries. This Restructuring Plan was approved by the EC in November 2009. Subsequently, the insurance and investment management businesses of ING Group (including the businesses comprising NN Group) were operationally separated from ING as of 31 December 2010.
2011 – 2015
In line with the Restructuring Plan, ING Group divested a number of businesses around the world from 2011 to 2013, including divestments of insurance and investment management businesses in the United States, Latin America and Asia/Pacific (other than Japan).
ING Group had indicated in 2012 that the intended base case for divestment of its European insurance and investment management businesses was through an Initial Public Offering (IPO), while keeping all other options open. In November 2013, ING Group expanded the scope of this intended base case IPO with the inclusion of the Japan Life and Japan Closed Block VA businesses. This was agreed with the EC and the Restructuring Plan was amended accordingly.
On 2 July 2014, NN Group shares began trading on the Euronext Amsterdam stock exchange. ING reduced its stake in NN Group through the listing to 68.1%. Through a series of follow-on transactions, ING has reduced its shareholding to 25.8% by 30 June 2015.
Timelines for the divestment of NN Group
Under the Restructuring Plan, as amended in agreement with the EC in November 2013, ING Group has agreed to divest more than 50% of NN Group by year-end 2015 and complete the divestment of 100% of NN Group by year-end 2016.
ING also committed to create NN Bank, which is part of NN Group, as a viable, standalone and competitive business. Just as for NN Group, ING has agreed to divest more than 50% of NN Bank by year-end 2015 and complete the divestment of 100% of NN Bank by year-end 2016.
For more detailed information on the steps ING Group and NN Group have taken towards the standalone future of NN Group, please visit Relevant press releases and documentation.