ING seeks merger

23rd March 2007, Comments 0 comments

23 March 2007, AMSTERDAM – Bank and insurance company ING has hired in advisers from London for a strategic reorientation. The bank is also looking at partners in the Benelux, the Financieele Dagblad reports.

23 March 2007

AMSTERDAM – Bank and insurance company ING has hired in advisers from London for a strategic reorientation. The bank is also looking at partners in the Benelux, the Financieele Dagblad reports.

ING has hired in advisers from commercial banks Goldman Sachs and JPMorgan. Investors responded enthusiastically on Thursday. ING's share price rose 2.3 percent. The share price of Fortis, a possible takeover candidate, rose by 4.1 percent.

Sources in the financial world say ING is primarily looking for opportunities to grow in banking. Seven of the eight members on the executive board at ING have a background in banking. ING did not want to name any specific banks it was considering for a merger.

An ING spokesperson told press agency ANP that the company was following current developments closely, referring to the exclusive merger talks between ABN Amro and Barclays. "It is an ongoing process." The spokesperson said ING was not only in the Benelux for partners. "We are focussing on Europe as a whole."

[Copyright Expatica News 2007]

Subject: Dutch news

0 Comments To This Article