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ING Groep N.V. (INGA.AS)

Amsterdam - Amsterdam Delayed price. Currency in EUR
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7.36-0.35 (-4.51%)
At close: 5:39PM CET
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Previous close7.71
Bid0.00 x 0
Ask0.00 x 0
Day's range7.33 - 7.75
52-week range4.23 - 10.91
Avg. volume22,749,145
Market cap28.717B
Beta (5Y monthly)N/A
PE ratio (TTM)16.40
EPS (TTM)0.45
Earnings date12 Feb 2021
Forward dividend & yieldN/A (N/A)
Ex-dividend date30 Apr 2020
1y target est14.41
  • Bloomberg

    Credit Suisse, BNP to Exit Amazon Oil Finance After Criticism

    (Bloomberg) -- Credit Suisse Group AG, ING Groep NV and BNP Paribas SA will stop providing trade financing for oil exports from the Ecuadorian Amazon, after pressure from climate activists.The three banks were collectively responsible for $5.5 billion of such financing in the past 11 years, according to research by Amazon Watch and The two activist groups called out the companies for double standards, saying they promoted corporate sustainability while also financing the Amazon oil trade that contributes to climate change.Financial institutions, which provide some of the world’s biggest polluters with funds to extract and trade fossil fuels, are increasingly succumbing to pressure from environmentalists and their own shareholders to square sustainability ambitions with how they lend money. Credit Suisse, ING and BNP now join the likes of Bank of America Corp. in limiting financing for hydrocarbons in environmentally sensitive areas.The European banks, which had provided letters of credit to U.S. companies including Marathon Petroleum Corp., Phillips 66 and Citgo to buy Amazon oil, have pledged to stop financing such transactions.“These commitments showcase a growing concern from global financial institutions about the reputational risk that comes with financing the trade” of such oil, Moira Birss, climate and finance director for Amazon Watch, said in a statement.Bank PledgesAt the end of 2020, Credit Suisse decided to phase out trade finance for crude exports from the Ecuadorian Amazon, according to email correspondence with the climate groups. It has also restricted financing for thermal-coal extraction, coal-power generation and oil and gas projects in the Arctic. In a statement to Bloomberg, Credit Suisse confirmed it had stopped financing Ecuadorian oil.“As part of our commitments to address climate change, protect biodiversity and respect human rights, we introduced further restrictions on financing fossil fuels in the course of last year,” the bank said.BNP recently pledged to exclude Ecuadorian Amazon oil from its trading activities, saying in a statement that it’s “committed to the continuous improvement of its sustainability strategy.”ING said in December it was reviewing its exposure to trade finance for Ecuadorian Amazon oil and would decline new business. In a statement to Bloomberg last week, the bank said: “We have decided not to engage in any new contracts for the financing of oil and gas trade flows” from the region.See also: Targeting Barclays, Climate Activists Fight Their Way to DrawEcuador has South America’s third-largest oil reserves, after Venezuela and Brazil, with the bulk of these in the Amazon’s Oriente Basin. Much of its crude is tied up in prepayment deals with China, which guarantee the Asian nation oil in exchange for loans. The barrels are then sold on to traders and refiners who use letters of credit instead of the oil cargoes as collateral. So-called L/Cs are a crucial financial lifeline for commodity traders to finance short-term trades.Citgo said it has no current L/Cs with any of the institutions specified. Phillips 66 and Marathon declined to comment.Out of 19 banks assessed in an August report on Amazon oil transactions, Amazon Watch and found that ING, Credit Suisse and BNP, together with UBS Group AG, Natixis SA and Rabobank Group, accounted for 85% of all bank trade-financing for Amazon oil. That was despite having policies with respect to human rights, biodiversity and climate change.UBS said last week it’s committed to the “highest environmental and social standards.” The bank has declined transactions where the origin of oil is “verifiably associated with breaches of our standards,” a spokesman said.Natixis said it has “declined to finance any new clients involved in oil exports from Ecuador since mid-2020 and has reduced the number of existing clients it works with in this area.” The bank “continues to proactively monitor the situation with reinforced selectivity,” a spokesman said.Rabobank said it hasn’t been involved in Ecuadorian Amazon trade flows since early 2020.Beyond environmental pressures, plummeting oil prices and rising bankruptcies are forcing some European lenders to review their trade commodity financing activities. Banks have already been retreating from the sector in regions such as Asia since before the pandemic, as high-profile collapses and scandals, such as that of Singapore trader Hin Leong Trading Pte., roiled the industry.See also: After Fraud and Negative Oil Banks Rethink Billions in LoansLast year, France’s Societe Generale SA halted fresh funding to oil trading firms, specifically in the Asia Pacific region, while undergoing a global review. BNP shut its Swiss commodities-trading unit in September, and the Netherlands’ ABN Amro Bank NV has said it will pull out of commodity trade finance altogether.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • Germany Cuts 2021 Economic Outlook Amid Lockdowns, Bottlenecks

    Germany Cuts 2021 Economic Outlook Amid Lockdowns, Bottlenecks

    (Bloomberg) -- Germany cut its prediction for economic growth as the extension of coronavirus lockdowns hits activity at the start of the year.The government now expects a 3% expansion in 2021, down from 4.4% forecast at the end of October, according to a person familiar with its annual economic report to be published next week. Economy Minister Peter Altmaier is due to present the latest outlook at a news conference on Wednesday.The downgrade -- which is in line with the Bundesbank’s prediction -- reflects deteriorating prospects across the euro zone as the bloc heads for a double-dip recession. Germany, the region’s largest economy, has fared better than many of its neighbors, in part thanks to generous government support, but is struggling with business disruptions and concern over vaccine shortages.A survey of purchasing managers by IHS Markit published Friday suggested the German economy is barely growing in January. Manufacturers have stayed relatively robust, though they are now being battered by shortages of containers for deliveries and higher input prices. Private activity in the rest of the euro zone is shrinking, the survey showed.Read more: Bottlenecks and Lockdowns Test European Faith in a Recovery“The impact of the new German lockdown has been mild so far” mainly because stellar industry performance has offset a slump in services, Bert Colijn, senior euro-zone economist at ING Groep NV, said in a report. But in both Germany and the wider euro area “the second wave is turning into a long drag on the economy with large differences between sectors emerging.”What Bloomberg Economics SaysEuro-area PMIs are “consistent with the alternative, high-frequency indicators, such as electricity demand and mobility data, tracked by Bloomberg Economics. They suggest the level of activity in the monetary union was markedly lower in January than in December.”-David Powell. To read his report, click hereGerman growth of 3% would follow a contraction of 5% in 2020. Most forecasts indicate that the economy will take until 2022 to recover the ground lost because of the pandemic.The International Monetary Fund said this week that Chancellor Angela Merkel’s administration should consider additional aid for companies and maintain support for the labor market to avoid more permanent scars. IMF staff predicted a “choppy” and unevenly distributed rebound that will only strengthen once Covid-19 vaccines have been widely distributed.Companies and investors are generally remaining optimistic that the recovery will come, even if delayed. IHS Markit’s report showed German manufacturing optimism at the highest since the data started being collected in 2012.European Central Bank President Christine Lagarde had a similar assessment for the euro zone when she spoke on Thursday, after the Governing Council kept its policy settings unchanged at its first meeting of the year.Germany’s updated forecast was reported earlier Friday by Der Spiegel magazine. A spokeswoman for the Economy Ministry declined to comment.(A previous version of this story was corrected to reference growth this year)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.

  • SHG vs. ING: Which Stock Should Value Investors Buy Now?

    SHG vs. ING: Which Stock Should Value Investors Buy Now?

    SHG vs. ING: Which Stock Is the Better Value Option?