Dutch lender ING has signed deal to slash its stake in former US unit Voya Financial from 32.5% to 19%.
ING, which was asked to sell its overseas assets following a 2008 government rescue, is planning to sell its remaining stake in the unit by the end of 2015.
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ING is selling 34.5 million shares in Voya. That stake is valued at $1.38bn, based on Voya’s share price of $39.99.
Voya has agreed to buy $175 million of its stock, ING said in a statement.
The transactions are expected to result in a net profit to ING at closing of approximately EUR0.4 billion.
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