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ING wavers on plans to float
DUTCH bancassurer ING will not be launching a stock market flotation for its insurance operations any time soon and trade buyers are expressing interest, it said yesterday.
European Commission regulators seeking payback for the state bailout the bank received in the financial crisis have insisted ING dispose of its €19bn (£16.6bn) insurance business by the end of 2013.
“This is not a good time to do an IPO now. Markets are not receptive. Maybe they will be in the future,” ING chief executive Jan Hommen said on a results day that delivered better-than-expected second-quarter profits.