The Netherlands-headquartered financial services group ING, which had been bailed out by the Dutch government in the financial crisis five years ago, plans to sell around 30 million shares of common stock in its US business, as part of a move to cut ING’s core debt.

The sale of the stock would reduce ING Group’s stake in ING US from around 71 per cent to 60 per cent, the firm said in a statement yesterday.

Under the planned offering, ING Group gives the share sale’s underwriters an option to purchase up to 4.5 million additional shares, which, if fully exercised, would further reduce ING Group's stake in ING US to about 58 per cent.

ING has not yet decided the final timing, size and offer price for the share sale. The transaction will not affect the profit and loss account of ING Group, it said.

The transaction is expected to have a negative impact of approximately €500 million (around $684 million) on the shareholders' equity of ING Group (excluding the possible exercise of the underwriters' option to purchase additional shares). This amount reflects the difference between the expected net proceeds of the transaction, based on the current market price of ING US common stock, and the estimated IFRS book value of the stake being sold.

The actual amount of any decrease in ING Group Shareholders' Equity will depend on the pricing and number of shares sold and will be reflected in the fourth-quarter financial statements of ING Group.

ING has previously said it wants to divest its remaining take in ING US over time, as part of its plan to split and divest its insurance and investment management businesses.