ING U.S. Inc., one of the country’s largest retirement plan providers, plans to change its name to Voya Financial as it separates from its European parent and forges a new identity.
The name change, still more than two years out, comes as Amsterdam-based financial giant ING Group NV splits its global banking and insurance operations following a 2009 agreement with European regulators. Last year it sold online bank ING Direct USA to Capital One Financial Corp.
As part of the breakup, ING is divesting its other U.S. operations through a planned initial public offering that it first announced last fall. The company plans to raise $600 million in the IPO, which is expected by the end of the year. It won’t use the new name or logo until after a two-year rebranding process following the IPO.
The company said it chose the Voya name because it likes the metaphor of a journey for creating a secure financial future.
With more than $400 million in assets under management and administration, New York-based ING U.S. is a retirement, investment and insurance operation serving about 13 million customers. It employs more than 7,000 people.
Its insurance business, which includes employee benefits, is based in Minneapolis, where it employs about 700 people.