Financial services group ING posted a loss of almost €2bn in the first three months of this year, partly due to divestments.

ING has now reduced its stake in ING US (Voya) by 43%, which pressured the results by over €2m. Changes in the Dutch pension market also led to a €1bn loss, the bank said in a statement.

Nevertheless, CEO Ralph Hamers said the bank had made a strong start to the year despite the loss and the underlying Q1 profit was €988m.

Market watchers expect ING to give details at a press conference later on Wednesday about the proposed floation of its insurance arm Nationale Nederlanden.

In his statement, Hamer said ING is strengthening NN’s stand alone capital structure with a further €850m and confirmed the intended IPO will only involve secondary shares.