ING posts second quarterly loss

Wednesday 18 February 2009

Financial services group ING posted a fourth-quarter loss of €3.7bn because of write-downs, the bank said in a statement on Wednesday.

It is the second quarterly loss in a row for the company.

'The financial crisis has had an unprecedented impact on our industry and the magnitude of the crisis has left few companies untouched,' said CEO designate Jan Hommen.

ING's top priority this year is to reduce costs and rationalise its services, said Hommen. A review of its business portfolio will be made over the coming months, he added.

Hommen: 'Our basic strategy, based on retail savings and investments, is a solid foundation for the future, but we must reduce the complexity of the group by focusing on fewer businesses and markets.'

ING has already had a €10bn capital injection from the Dutch state and a €22bn government guarantee for its US mortgage portfolio.

The group is also selling its 70% state in ING Canada and ING LIfe Taiwan. It has also announced plans to cut 7,000 jobs.

© DutchNews.nl

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