(Adds outstanding loan amount, details about dividend
AMSTERDAM, March 31 Dutch financial services
group ING has repaid a further 1.23 billion
euros ($1.68 billion) of aid 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 at 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 adequacy ratio
by approximately 0.4 percentage points.
A final fourth payment of 1.025 billion euros ($1.41
billion) will be made May 2015, including EUR 683 million in
principal and EUR 342 million in interest and premiums, taking
the total amount to 13.5 billion euros.
Once the final debt repayment has been made ING will resume
dividend payments, spokesman Frans Middendorff said.
($1 = 0.7271 euros)
(Reporting by Anthony Deutsch; Editing by Mark Potter)