Dutch bank ING Groep (NYSE:ING) has filed for an IPO of its U.S. division. The terms have yet to be set on the deal, but the lead underwriters include Morgan Stanley (NYSE:MS) and Goldman Sachs (NYSE:GS).
ING US is a top player in retirement and insurance services. The company has $445 billion under management and generated a profit of $129.2 million for the first half of 2012, and it boasts roughly 13 million individual and institutional customers.
ING is spinning off its U.S. division as part of its plans to generate funds so it can pay off its $13.5 billion bailout loan from the 2008 financial crisis.
The company already has had success with other transactions, such as the $9 billion sale of ING Direct to Capital One (NYSE:COF).
Tom Taulli runs the InvestorPlace blog IPOPlaybook, a site dedicated to the hottest news and rumors about initial public offerings. He is also the author of “How to Create the Next Facebook.“ Follow him on Twitter at @ttaulli. As of this writing, he did not hold a position in any of the aforementioned securities.