ING Announces IPO

Dutch based ING (ING) announced that it is planning an IPO to spin off its U.S. retirement, investment, and insurance business. The company plans to raise $100 million in the offering, and has been selling off assets to meet condition of a $13.5 billion bailout it received. The company sold its U.S. online bank, ING Direct, to Capital One Financial (COF) earlier in the year. The company plans to use proceeds to strengthen its balance sheet.