NEW YORK (

TheStreet

) --

ING Group

(ING) - Get Report

is preparing to take it's European and U.S. insurance operation public in two initial public offerings.

The Dutch financial services company told the European Commission that it would separate its insurance and banking units by the end of 2013, according to

Bloomberg

. The split was a condition of the $13.8 billion government bailout ING recieved in 2008.

As part of its preperation for the IPO, which is expected to happen in early 2012, ING will also lay off 400 workers in its US insurance business by the end of the year. The layoffs will begin on Wednesday, according to

a press release.

--Written by Maria Woehr in New York.

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