In an effort to comply with with requirements of the $13 billion in bailout funds it received from the Dutch government in the wake of global financial markets' decline in 2008, ING has announced plans for an initial public offering of stock associated with operations based in Windsor — its retirement, investment and insurance business campus, according to Hartford Business Journal.
The planned selling of shares is expected to raise $100 million and will use the money "to strengthen its balance sheet, so that it can survive as a standalone company," the Hartford Business Journal reports.
ING is the fourth largest taxpayer in Windsor, making up 2.2 percent of the town's grand list with local assets valued at just under $70 million.
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As of August 2012, ING, a Dutch company, has sold more than $30 million of assets in 19 deals, according to The Wall Street Journal, including the $9 billion sale of ING Direct USA to Captial One Financial.
The company's sale of assets are all part of conditions outlined in the bailout agreement with the Dutch government, which Bloomberg details as including an order to "sell units to shrink its balance sheet by 45 percent by the end of 2013 and avoid undercutting rivals on prices for some banking products for three years or until it repaid the aid... granted in 2008."
ING, of course, is not the only financial-services firm with roots in Windsor looking to raise capital and decrease expenditures.
The Hartford Financial Group, which reported at $101 million second-quarter loss, has made a number of moves to "create greater shareholder value by sharpening our business focus, improving expense efficiency, increasing capital generation and reducing market risks," company CEO Liam McGee said in August.
Unlike the ING IPO, however, The Hartford's sale of businesses — most recently, the sale of its retirements plans business to MassMutual — are affecting local jobs, and are expected to continue to do so through the end of 2013.
MassMutual purchased the retirement division for $400 million.
The Hartford is the third-highest tax payer in Windsor, accounting for 2.5 percent of the grand list with assets valued at roughly $76.5 million.
