ING Sticks to Plans to Go Solo as Rivals Put Deals on the Table — Interview

Dow Jones Newswires

By Elena Vardon

ING Groep is sticking to its plans to grow organically in the markets where it already operates, even as several European rivals turn to mergers and acquisitions to expand.

"We're looking to become bigger, better, and more impactful in the markets where we are currently playing," ING's Chief Operating Officer Marnix van Stiphout said in an interview.

Some of Europe's biggest banks put dealmaking back on the table last year, which has raised expectations that the continent's fragmented banking industry could be on the cusp of a long-awaited consolidation wave.

After years in turnaround mode, many European lenders are again in a position to consider deals, having cleaned up their balance sheets, restored profitability and handed billions of euros in payouts to shareholders. Nevertheless, a handful of prominent deals have hit roadblocks, such as BBVA's hostile bid for Banco de Sabadell and UniCredit's pursuits of Commerzbank and Banco BPM.

ING doesn't completely rule out growth through acquisitions, but the Dutch bank's focus is on bulking up in its existing markets by harnessing its digital-first approach.

Executives at ING--which was created in 1991 through the merger of Dutch insurer Nationale-Nederlanden and postal bank NMB Postbank--are open to looking at opportunities for transactions that could accelerate growth, but they have stringent criteria to consider potential deals, ING's Chief Executive Steven van Rijswijk told investors in June. Any transaction would have to drive value, synergies and be largely focused on retail, he said.

Instead, the group is prioritizing digital banking as an engine for further growth. ING was among the first to offer banking services on the internet in Europe, introducing the concept of branch-less retail banking and launching ING Direct as early as 1997. For over a decade, ING has focused on shrinking its network of physical branches and boosting its digital footprint.

The bank also exited several markets in which its presence was small, such as France and the Philippines, and sold its online banking business in the U.S. to Capital One in 2012 for $9 billion. ING retains an important presence in wholesale banking in the U.S.

"Retail banking in America is not on our agenda," van Stiphout said.

ING isn't seeking to expand geographically despite the scalability of its digital capacities and infrastructure. Compared with a traditional banking model, this could reduce the cost of entering new markets organically, Berenberg analyst Hugh Moorhead wrote in a research note.

The bank is instead betting on its existing retail segment to drive growth, it said at the June event. ING aims to achieve this through mortgage market share gains and offering more services to entrepreneurs and small and medium enterprises. It is pushing for the cross-sale of products to boost its income from fees and wants to replicate successful offerings across its geographies.

Beyond its core markets in the Netherlands, Belgium and Luxembourg, ING has retail banking operations in seven other countries, with relatively low shares of large markets such as Germany, Italy, Spain and Australia.

Competition in those countries is increasing as incumbent banks strengthen their own digital propositions and digitally-oriented banks, dubbed neobanks, are trying to disrupt the industry.

"We don't get nervous or…change the way we react to things or approach customers because another bank is doing something," van Stiphout said. "We trust our own agenda, we trust our own speed."

ING will consider moves that could accelerate its plans but it won't add to the agenda easily, its operating chief said.

"The art of this whole conversation is not to do new things but to stick with what you decided to do," van Stiphout said.

Write to Elena Vardon at elena.vardon@wsj.com

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Netherlands stocks lower at close of trade; AEX down 0.90%

Investing.com

Avino Silver & Gold Mines

+2.88%

ASML Holding

+1.11%

Investing.com – Netherlands stocks were lower after the close on Monday, as losses in the Technology, Industrials and Consumer Services sectors led shares lower.

At the close in Amsterdam, the AEX declined 0.90% to hit a new 1-month low.

The best performers of the session on the AEX were Akzo Nobel NV (AS:AKZO), which rose 0.71% or 0.40 points to trade at 57.04 at the close. Meanwhile, Randstad NV (AS:RAND) added 0.32% or 0.13 points to end at 40.16 and ING Groep NV (AS:INGA) was up 0.15% or 0.02 points to 15.04 in late trade.

The worst performers of the session were Prosus (AS:PRX), which fell 2.26% or 0.88 points to trade at 38.10 at the close. ASML Holding NV (AS:ASML) declined 1.90% or 13.00 points to end at 671.90 and ASM International NV (AS:ASMI) was down 1.87% or 10.60 points to 555.40.

Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 80 to 23 and 8 ended unchanged.

The AEX Volatility, which measures the implied volatility of AEX options, was unchanged 0.00% to 21.09.

Crude oil for February delivery was up 1.26% or 0.89 to $71.49 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March rose 0.92% or 0.68 to hit $74.47 a barrel, while the February Gold Futures contract fell 0.62% or 16.21 to trade at $2,615.69 a troy ounce.

EUR/USD was unchanged 0.36% to 1.04, while EUR/GBP unchanged 0.07% to 0.83.

The US Dollar Index Futures was up 0.23% at 108.04.

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Netherlands stocks higher at close of trade; AEX up 0.39%

Investing.com

Avino Silver & Gold Mines

+2.88%

Grupo Aeroportuario del Sureste SAB de CV

-0.50%

Investing.com – Netherlands stocks were higher after the close on Friday, as gains in the Consumer Goods, Financials and Oil & Gas sectors led shares higher.

At the close in Amsterdam, the AEX rose 0.39%.

The best performers of the session on the AEX were ABN AMRO Group NV (AS:ABNd), which rose 1.61% or 0.24 points to trade at 14.88 at the close. Meanwhile, ASR Nederland NV (AS:ASRNL) added 1.34% or 0.60 points to end at 45.27 and ING Groep NV (AS:INGA) was up 1.21% or 0.18 points to 15.01 in late trade.

The worst performers of the session were BE Semiconductor Industries NV (AS:BESI), which fell 0.96% or 1.30 points to trade at 133.65 at the close. ASM International NV (AS:ASMI) declined 0.70% or 4.00 points to end at 566.00 and ASML Holding NV (AS:ASML) was down 0.52% or 3.60 points to 684.90.

Rising stocks outnumbered declining ones on the Amsterdam Stock Exchange by 71 to 25 and 12 ended unchanged.

The AEX Volatility, which measures the implied volatility of AEX options, was unchanged 0.00% to 21.09.

Crude oil for February delivery was up 0.88% or 0.61 to $70.23 a barrel. Elsewhere in commodities trading, Brent oil for delivery in March rose 0.81% or 0.59 to hit $73.44 a barrel, while the February Gold Futures contract fell 0.89% or 23.65 to trade at $2,630.25 a troy ounce.

EUR/USD was unchanged 0.05% to 1.04, while EUR/GBP unchanged 0.29% to 0.83.

The US Dollar Index Futures was down 0.01% at 107.88.

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RBC Keeps ING Groep at Sector Perform, Raises PT

MT Newswires

ING Groep

+0.44%

RBC Capital Markets on Tuesday reiterated its sector perform rating on financial services company ING Groep and increased its price target to 18.50 euros from 16.75 euros.

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Netherlands stocks lower at close of trade; AEX down 0.39%

Investing.com

Avino Silver & Gold Mines

+2.88%

Investing.com – Netherlands stocks were lower after the close on Friday, as losses in the Telecoms, Consumer Services and Financials sectors led shares lower.

At the close in Amsterdam, the AEX declined 0.39%.

The best performers of the session on the AEX were BE Semiconductor Industries NV (AS:BESI), which rose 2.75% or 3.50 points to trade at 130.60 at the close. Meanwhile, Randstad NV (AS:RAND) added 1.75% or 0.68 points to end at 39.49 and ASM International NV (AS:ASMI) was up 1.33% or 7.40 points to 564.20 in late trade.

The worst performers of the session were ING Groep NV (AS:INGA), which fell 1.42% or 0.21 points to trade at 14.72 at the close. Heineken (AS:HEIN) declined 1.21% or 0.84 points to end at 68.32 and Koninklijke KPN NV (AS:KPN) was down 1.21% or 0.04 points to 3.51.

Rising stocks outnumbered declining ones on the Amsterdam Stock Exchange by 49 to 44 and 15 ended unchanged.

The AEX Volatility, which measures the implied volatility of AEX options, was unchanged 0.00% to 21.09.

Crude oil for January delivery was down 1.76% or 1.24 to $69.34 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February fell 0.11% or 0.08 to hit $72.80 a barrel, while the February Gold Futures contract rose 1.43% or 37.24 to trade at $2,645.34 a troy ounce.

EUR/USD was up 0.71% to 1.04, while EUR/GBP unchanged 0.06% to 0.83.

The US Dollar Index Futures was down 0.70% at 107.39.

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Netherlands stocks lower at close of trade; AEX down 1.55%

Investing.com

Investing.com – Netherlands stocks were lower after the close on Thursday, as losses in the Technology, Industrials and Consumer Goods sectors led shares lower.

At the close in Amsterdam, the AEX lost 1.55%.

The best performers of the session on the AEX were ING Groep NV (AS:INGA), which rose 0.69% or 0.10 points to trade at 14.93 at the close. Meanwhile, ABN AMRO Group NV (AS:ABNd) added 0.14% or 0.02 points to end at 14.67 and Akzo Nobel NV (AS:AKZO) was up 0.07% or 0.04 points to 56.16 in late trade.

The worst performers of the session were Adyen NV (AS:ADYEN), which fell 3.75% or 56.40 points to trade at 1,447.00 at the close. ASML Holding NV (AS:ASML) declined 3.69% or 26.50 points to end at 690.80 and Randstad NV (AS:RAND) was down 3.55% or 1.43 points to 38.81.

Falling stocks outnumbered advancing ones on the Amsterdam Stock Exchange by 78 to 24 and 8 ended unchanged.

Shares in Randstad NV (AS:RAND) fell to 3-years lows; falling 3.55% or 1.43 to 38.81.

The AEX Volatility, which measures the implied volatility of AEX options, was unchanged 0.00% to 21.09.

Crude oil for January delivery was down 1.71% or 1.21 to $69.37 a barrel. Elsewhere in commodities trading, Brent oil for delivery in February fell 0.84% or 0.62 to hit $72.77 a barrel, while the February Gold Futures contract fell 1.71% or 45.41 to trade at $2,607.89 a troy ounce.

EUR/USD was unchanged 0.15% to 1.04, while EUR/GBP unchanged 0.50% to 0.83.

The US Dollar Index Futures was up 0.32% at 108.10.

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European Equities Traded in the US as American Depositary Move Slightly Lower in Thursday Trading

MT Newswires

European equities traded in the US as American depositary receipts were moving slightly lower late Thursday morning, declining 0.16% to 1,302.71 on the 11.

From continental Europe, the gainers were led by financial services company ING and biopharmaceutical company Grifols , which were up 2.6% and 2.4% respectively. They were followed by petroleum refiner Equinor and internet browser company Opera , which increased 2.3% and 1.7% respectively.

The decliners from continental Europe were led by biopharmaceutical companies DBV Technologies and Genfit , which dropped 8.5% and 4.6% respectively. They were followed by hotel booking site trivago and biopharmaceutical company Cellectis , which were down 4.2% and 2.5% respectively.

From the UK and Ireland, the gainers were led by biopharmaceutical company Akari Therapeutics and software firm Endava , which rose 5.1% and 4.3% respectively. They were followed by biotech firm Trinity Biotech and biopharmaceutical company Verona Pharma , which advanced 3.3% and 1.9% respectively.

The decliners from the UK and Ireland were led by biopharmaceutical companies Amarin and Adaptimmune Therapeutics , which fell 3.4% and 2.2% respectively. They were followed by biopharmaceutical company Biodexa Pharmaceuticals B and pharmaceutical company Silence Therapeutics , which were off 1.8% and 1.1% respectively.

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