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ING Groep NV (ING.N)

ING.N on New York Stock Exchange

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2 Dec 2016
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Latest Key Developments (Source: Significant Developments)

ING Groep announces cost-cutting plan
Monday, 3 Oct 2016 01:42am EDT 

ING Groep NV : Investment of 800 million euros ($898.48 million) in continued digital transformation in order to further improve customer experience, accelerate growth in primary customers and lending . Programmes to also lead to approximately 900 million euros annual cost savings by 2021 . Intended initiatives impact around 7,000 employees, mostly in Belgium and Netherlands . Countries with similar value propositions intend to harmonise their business models and develop shared operating platforms . In Netherlands And Belgium, we intend to move to an integrated banking platform, . All-In-All, over coming five years, around 7,000 functions might be impacted by these effects, including 950 positions employed by external suppliers . Initiatives are expected to result in a reduction of ING's workforce in Belgium by around 3,500 ftes and by around 2,300 ftes in Netherlands for years 2016-2021 . In line with our strategy, we will be introducing ING Group financial targets for 2020 . Targets for 2020: we will maintain our ING group CET1 ratio above prevailing fully-loaded requirement, currently 12.5 pct, with a leverage ratio above 4 pct . 2020 target for cost/income ratio is 50-52 pct . We intend to start a path of convergence towards one digital banking platform. . Over coming five years, around 7,000 functions might be impacted by these effects, including 950 positions employed by external suppliers.  Full Article

ING Groep sells 46.7 million shares of Kotak Mahindra Bank
Thursday, 29 Sep 2016 01:01am EDT 

ING Groep NV : Announced sale of 46.7 million ordinary shares of Kotak Mahindra Bank (Kotak) . Shares were sold at a price of INR 782.32 per share . Gross proceeds to ING from offering amount to approximately 490 million euros ($550.22 million) (at current exchange rate) . Sale reduces ING's stake in Kotak from currently 6.4 pct to 3.9 pct .ING's remaining stake in Kotak will be subject to a 90 day lock-up following settlement of transaction which is expected to occur on 4 October 2016.  Full Article

Poland's Pekao may attract foreign interest -ING Polish unit head
Wednesday, 3 Aug 2016 07:10am EDT 

ING Bank Slaski SA : The chief executive of the Polish unit of ING , ING Bank Slaski , told reporters on Wednesday that if Bank Pekao is put up for sale by its Italian owner Unicredit , it may attract interest from foreign banks. . "There is demand to enter markets such as Poland, because Poland still looks very attractive. One just has to look at indicators," ING Bank Slaski CEO Brunon Bartkiewicz said. . "Pekao is too big for funds, or investors from outside the (banking) sector ... but for a large banking group which would like to expand its activities in this part of Europe it (Pekao) could be an attractive buy," Bartkiewicz said. . UniCredit is considering selling its entire stake in Bank Pekao, Bloomberg reported in July, citing people familiar with the matter. [nL8N1AD1V2] Further company coverage: [INGP.WA] [PEO.WA] (Reporting by Marcin Goclowski; Writing by Marcin Goettig; Editing by Adrian Croft) ((marcin.goettig@thomsonreuters.com;)).  Full Article

ING Groep Q2 underlying net result up 26.7 pct at 1,417 million euros
Wednesday, 3 Aug 2016 12:59am EDT 

ING Groep NV :Q2 underlying net result was 1,417 million euros ($1.59 billion), up 26.7 pct from the second quarter of 2015.  Full Article

ING Q2 results beat estimates
Wednesday, 3 Aug 2016 12:59am EDT 

ING Groep NV : Q2 total underlying income 4.55 billion euros ($5.10 billion) versus 4.22 billion euros in Reuters poll . Q2 interest result 3.27 billion euros versus 3.22 billion euros in Reuters poll . Q2 underlying net result 1.06 billion euros in Reuters poll . ING group’s fully-loaded CET1 ratio rose to 13.1 pct, excluding the 2,552 million euros net profit from the first half of 2016 . Declare an interim cash dividend of 0.24 euro per ordinary share, which is equal to the interim dividend paid over the first half of 2015 . ING gained approximately 650,000 new retail customers and established roughly 350,000 primary relationships in H1 2016 . Core lending grew by 14.8 billion euros in Q2 2016 as ING continues to provide financing to clients across geographies and sectors . Second quarter ended relatively calmly in terms of corporate credit risk, but the full Brexit impact could come later in the year .The first post-referendum readings show just a slight deterioration in confidence.  Full Article

ING to adopt framework for compensation of dutch SME clients with interest rate derivatives
Tuesday, 5 Jul 2016 02:16am EDT 

ING Groep NV : ING to adopt framework for compensation of dutch SME clients with interest rate derivatives .Ing expects to increase its provision for this issue by around 150 million euros ($166.8 million), to be booked in Q2 of 2016.  Full Article

Investors file U.S. lawsuit accusing banks of conspiring to rig derivative prices incorporating Singapore rate benchmarks
Friday, 1 Jul 2016 03:44pm EDT 

: Investors file U.S. lawsuit accusing banks of conspiring to rig derivative prices incorporating Singapore rate benchmarks-filing . Lawsuit alleges rigging based on Singapore interbank offered rate, Singapore swap offer rate . Some defendants include Citigroup Bank, of America, JPMorgan Chase rbs, UBS, ING, BNP Paribas Oversea Chinese Banking Corp- . Defendants also include Barclays, Credit Agricole Credit Suisse stanchart, Dbs, Mitsubishi Ufj HSBC, Macquarie, Commerzbank.  Full Article

Erste Bank Hungary buys 2.3 pct stake in Budapest bourse
Tuesday, 31 May 2016 04:12am EDT 

Erste Bank Hungary : To buy 2.3 percent stake in Budapest Stock Exchange from local unit of ING Bank Further company coverage: [ERST.VI] [ING.AS] (Reporting by Gergely Szakacs) ((gergely.szakacs@tr.com; +36 1 327 4748; Reuters Messaging: gergely.szakacs.thomsonreuters.com@reuters.net)).  Full Article

ING Groep Q1 underlying net result down at 842 million euros
Tuesday, 10 May 2016 01:11am EDT 

ING Groep NV : Q1 underlying net result 842 million euros ($957.52 million) . Q1 underlying pre-tax result 1,186 million euros; or 1,682 million euros before 496 million euros of regulatory costs in quarter . Q1 net result 1,257 million euros (0.32 euro per share) including profit on sales of NN Group shares in January . Ended quarter with a strong fully-loaded CET1 ratio of 12.9 pct, excluding first-quarter net profit and impact of NN share sale in April .ING Bank attracted 8.8 billion euros of net customer deposits and recorded 7.1 billion euros of net core lending growth in Q1.  Full Article

ING Groep to sell remaining shares in NN Group
Thursday, 14 Apr 2016 11:40am EDT 

ING Groep NV:ING to sell remaining shares in NN Group.To sell its remaining 45.7 million ordinary shares in NN Group.Ordinary shares will be sold by way of an accelerated book building offering to institutional investors.Sale of ING's 14.1 pct stake is final transaction in ING's programme to divest all of its insurance and investment management businesses.Offer price will be determined at conclusion of book building process.Book is open with immediate effect and is expected to close ultimately by 17:30 CET on April 15, 2016.Credit Suisse, ING Bank, JP Morgan and UBS are acting as joint global coordinators for offering.Transaction is expected to settle on April 19, 2016.  Full Article