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Article: United States: AT A GLANCE ING Latest European Bank To Get State Capital.
- Article from:
- TendersInfo
- Article date:
- October 20, 2008
CopyrightCOPYRIGHT 2008 Al Bawaba (Middle East) Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Mamta03
The Dutch financial group ING Groep NV (ING) on Sunday became the latest European bank to seek state funds to boost capital, taking EUR10 billion to lift its core Tier 1 ratio to about 8% and cut its debt-equity ratio to about 10%.
The move was announced after ING shares plunged 27% Friday, despite reassurances from the company that its capital position was solid.
THE REASONING: ING Chief Executive Michel Tilmant said on Sunday: "Our capital position was in line with previously targeted levels and regulatory requirements. However, market conditions have changed dramatically in recent weeks and have led to an internationally ...
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... ... grouping. The get-together follows several recent examples of UK investment banks passing into foreign hands: Barings rescued by ING of the Netherlands; SG Warburg losing its way after failing to merge with Morgan Stanley of the US and bought by Swiss Bank ...
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