ING confirms strategy review (update)

ING has brought in advisers to work on a strategic reorientation, including finding new partners in the Benelux, the banking and insurance group confirmed to ANP. The bank was responding to a report in today’s Financieele Dagblad, which said Goldman Sachs and JPMorgan experts were involved.

Sources told the paper that ING is looking to expand its banking activities. Seven of the bank’s eight management board have a banking background, the paper points out.
The paper says the merger talks between ABN Amro and Barclays could give added momentum to ING’s plans. Now ABN Amro is no longer an option Fortis, Dexia and KBC would be possible merger candidates for ING the paper says.
‘We are following developments closely,’ an ING spokesman told ANP. He said ING was not just looking at the Benelux. Our concentration is directed at Europe as a whole,’ he said.

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