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Dutch banking giant ING benefits from ABN Amro turmoil
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09:10, August 15, 2008

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Dutch banking and insurance group ING has increased its share in the Dutch corporate market following the battle among several big international banks last year to acquire ABN Amro, another large Dutch bank, Dutch paper Financiele Dagblad reported Thursday.

ING said Wednesday the interest results of its wholesale division have risen by almost a third in the second quarter this year compared to a year ago, the report said.

Despite an offer by British bank Barclays, ABN Amro was finally bought by the consortium of Royal Bank of Scotland, Dutch-Belgian financial services company Fortis and Spain's Banco Santander for 70 billion euros (104.14 billion U.S. dollars) last year. ABN Amrowas then split among the three purchasers.

The fall of ABN Amro made way for ING. ING had since been involved in a number of large transactions such as the takeover of employment agency Vendior by Randstad.

Meanwhile, the bank has scarcely been affected by the credit crisis. Write-downs on subprime mortgages remained limited to 44 million euros (65.45 million dollars) after tax. Its rival Fortis, in comparison, had earlier reported write-downs worth 362 million euros (538.73 million dollars).

Referring to earlier reports that ING had been considering taking over Fortis and Deutsche Postbank, ING chief executive officer Michel Tilmant said Thursday the group had no plans to make major acquisitions as long as the credit crisis continues.

"The unrest is expected to continue in 2009 and there is therefore no need to immediately seize the opportunities. Time is on our side," he was quoted as saying.

Source:Xinhua



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