Dutch financial services major ING Groep NV today said it has dropped plans to

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bring an initial public offering for its combined Europe and Asian insurance and investment management businesses, due to uncertain economic outlook and turbulent financial markets.

Amsterdam-based ING has been preparing to float an IPO for its insurance and investment management businesses in the US and another one for its Europe and Asia operations together since November 2010.

The company would explore other options for its Asian insurance operations, and is preparing for a standalone future of its European insurance arm.

"...Given the uncertain economic outlook and turbulent financial markets, especially in Europe, ING has decided to explore other options for its Asian insurance and investment management businesses," group's CEO Jan Hommen said in a statement.

The company further said it will continue to prepare for a standalone future of the European insurance/investment management businesses, including an IPO. In addition, it would also continue to prepare for an IPO for the US insurance and investment management business.

The group has attributed the revise in IPO plan of its EurAsia operation to the uncertain economic outlook and turbulent financial markets.

"ING is committed to conducting these processes with the utmost diligence in the interests of all stakeholders, including customers, employees, distribution partners and shareholders," Hommen added.

ING has to to complete a restructuring program, which includes sale of its insurance business by 2013, as per the European Union orders. This was one of the conditions for the company's bailout by the Dutch government during the financial crisis of 2008-09.