ING said yesterday it should complete its restructuring two years ahead of schedule, meaning the Dutch banking and insurance group could be one of the first Eurozone casualties of the 2008 global crisis to emerge from a state rescue.
Like its Dutch rivals ABN Amro and Rabobank, ING had a strong international presence at the time of the financial crisis, with a network far larger than its tiny home market. It has since downsized significantly.
ING reported better-than-expected third-quarter net profit of €101m yesterday, repaid another tranche of state aid, and said it has also made progress on divesting assets as outlined in the restructuring plan.
“Under a new agreement with the European Commission, the total restructuring of ING Group will now be completed two years earlier, by the end of 2016,” chief executive Ralph Hamers said yesterday.
City A.M. Reporter