ING kicks off new quarter with blowout opco print

David Freitas

April 02, 2019 09:45 am

ING_Bank_PA_230x150_020419 — Illustration of ING Bank, pictured in Rotterdam, the Netherlands, on October 03, 2016. Dutch banking group ING has announced plans to slash 7,000 jobs in Belgium and the Netherlands as the company focuses on online services in the face of growing competition. The investment will help to expand services in Germany and to reach markets in Austria, the Czech Republic, France, Italy and Spain. In contrast, about 1,250 ING and Record Bank agencies in Belgium are to close. Belgium has been rocked by a series of cutbacks and closures, notably the decision last month by US heavy equipment maker Caterpillar to close shut a plant with the loss of more than 2,000 jobs. In a Twitter message, Belgian Prime Minister Charles Michel offered "all my support to ING workers". He added: "The bank must assume all of its responsibilities. I am meeting the trade unions this afternoon." Photo by Robin Utrecht/ABACAPRESS.COM | Utrecht Robin/ABACAPRESS.COM/ABACA/PA Images

ING Bank started the new quarter with supply from its operating company on Monday, giving investors a rare chance to buy paper in floating rate format. It quickly followed with a holding company level deal from its opco.

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David Freitas