ING completes $1 billion debt sale to U.S., Asian investors. (Companies).Netherlands-based ING Group ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep. said it raised $1 billion from retail investors Retail Investor Individual investors who buy and sell securities for their personal account, and not for another company or organization. Notes: Retail investors buy in much smaller quantities than larger institutional investors. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Asia through the offering of perpetual debt securities. The funds raised will be used to strengthen ING's solvency, the company said. About $600 million will be used to enhance the Tier 1 capital Tier 1 Capital A term used to describe the capital adequacy of a bank. Tier I capital is core capital, this includes equity capital and disclosed reserves. Notes: Equity capital includes instruments that can't be redeemed at the option of the holder. of ING Bank NV, as well as financing the organic growth of banking activities. The remaining $400 million will be used to improve the solvency position of ING Insurance and to reduce debt. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion