ING hopes the flotation of its American arm ING US will raise up to $1.5bn, the financial services group said.

The flotation involves 64.2 million shares which will be sold at $21 to $24 each, ING said in a statement on Tuesday. ING will retain 75% of the shares of the company and it will remain fully consolidated in the Dutch firm’s books.

ING said last year it would float its US insurance activities. The sale is one of the measures ING needs to take to meet Brussel’s conditions for receiving state support.

The bank plans to use the proceeds to reduce its debt.