AMSTERDAM, March 31 Dutch financial services
group ING Groep NV has repaid a further 1.23
billion euros ($1.68 billion) to the Dutch state, it said on
The payment takes the total amount returned to the state to
12.5 billion euros, ING said, including 9.3 billion euros in
principal and 3.2 billion euros in interest.
ING dismantled its once-fashionable banking and insurance
model and announced thousands of job cuts and other savings
after its 10 billion euro state rescue in 2008, at the height of
the global financial crisis.
ING shares were upgraded on Monday morning by Goldman Sachs
to "buy" from "neutral". The stock was up 2.7 percent in late
morning trading in Amsterdam to 10.27 euros.
The payment was funded by a dividend from ING bank to ING
group and reduced the bank's core tier 1 capital ratio by
approximately 40 basis points.
($1 = 0.7271 Euros)
(Reporting by Anthony Deutsch; Editing by Mark Potter)