5d 1m 3m 1y 5y 10y
Impending Bidding War For ING's Asian Life Insurance Arm
ING's Divesting Strategy Will Lead to a Higher Stock Price
ING Groep’s Quarter and Divestiture Plans DisappointOckham Research • Feb. 18, 2010
ING Group Q3 2007 Earnings Call Transcript• Nov. 8, 2007
ING's Q1 Net Down 6%, In-line, Plans $6.7B Share BuybackSteven Towns • May. 16, 2007
at MarketWatch.com (Nov 26, 2012)
at CNBC.com (Nov 8, 2012)
at Fox Business (Oct 9, 2012)
at CNBC.com (Oct 9, 2012)
at MarketWatch.com (Sep 7, 2012)
at MarketWatch.com (Sep 7, 2012)
at MarketWatch.com (Sep 5, 2012)
at CNBC.com (Sep 5, 2012)
at MarketWatch.com (Sep 5, 2012)
at Fox Business (Aug 31, 2012)
at MarketWatch.com (Aug 30, 2012)
at MarketWatch.com (Aug 29, 2012)
at CNBC.com (Jun 13, 2012)
at CNBC.com (Jun 12, 2012)
at MarketWatch.com (Jun 12, 2012)
ING vs. ETF Alternatives
Monday, Mar 3112:27 PM
Monday, Mar 3112:27 PM| 13 Comments
- Absent reforms, another financial crisis is likely to leave taxpayers on the hook for hundreds of billions, warns the IMF, estimating the world's biggest banks receive up to $590B in implicit public subsidies because of their TBTF status.
- Said subsidies include bankers who still have a "heads I win, tails you lose" attitude, and investors who lend at lower cost to banks than they might otherwise. The IMF calculated the size of the subsidies by comparing the CDS prices and credit ratings across larger and smaller banks. While the amount has fallen since the crisis, it still remains sizable. "All in all ... the expected probability that systemically important banks will be bailed out remains high in all regions."
- Subsidies for the biggest players are "like insurance for which banks don't need to pay a premium," says senior IMF analyst Gaston Gelos.
- Full report (starting on pg. 34)
- Among the usual suspects: BBVA, BBD, BAC, BCS, BK, BNS, C, CS, DB, GS, HSBC, IBN, ING, JPM, LYG, MS, NBG, RY, STT, TD, UBS, WFC, WBK.
Monday, Mar 318:15 AM
Monday, Mar 318:15 AM| 1 Comment
- “We are on track to become a pure bank,” says new CEO Ralph Hamers. “We have strong financials and a strong track record to deliver what we promise." Dividends will begin after its government bailout is repaid in full, says ING, which should happen by May 2015 at the latest.
- ING has paid back more than €12.5B in aid, interest, and premium to the Netherlands, including a €1.23B check today. Still owed is €1.03B which must be returned by May 2015. Owners haven't received a dividend since a €0.74 payout in August 2008.
- Shares +3.9% premarket
Tuesday, Mar 254:56 PM
Tuesday, Mar 254:56 PM| Comment!
- ING is no longer majority owner of ING U.S. (VOYA) after its sale of about 37.76M shares, including 7.26M shares repurchased by VOYA, takes its stake down to roughly 43%. The amount sold was upsized from an originally expected 33.76M shares.
- "In light of the changes to the composition of the ING U.S. board of directors resulting from ING Group ceasing to be a majority stockholder of ING U.S," the annual meeting set for May 28 has been postponed. A new date will be announced in the future.
- Press release
Thursday, Mar 202:31 AM
Thursday, Mar 202:31 AM| Comment!
- ING Groep (ING) has raised $1.18B by selling 33.76M shares in its ING U.S. (VOYA) insurance unit.
- The Dutch bank sold 26.5M shares in a public offering at ING U.S.'s closing price yesterday of $35.23 each, while the subsidiary bought 7.26M shares at $34.45 a piece.
- With the sale, ING's stake in the unit fell to 45% from 57%; the underwriters have an option to sell another 3.98M ING U.S. shares.
- ING plans to use the proceeds from the sale to repay debt. (PR)
Wednesday, Mar 193:06 AM
Wednesday, Mar 193:06 AM| Comment!
- ING (ING) intends to cut its stake in ING U.S. (VOYA) to 45% from 57% by selling 26.5M shares in a public offering and another 7M to the subsidiary.
- The transactions would be worth $1.2B based on ING U.S.'s closing price yesterday of $36.30, which is well above its IPO price of $19.50 in May. The Dutch bank plans to use the proceeds to repay debt.
- However, ING expects to record a Q1 loss of €2B, due to the difference between the sale price and the book value of ING U.S.'s shares.
- The Dutch bank is gradually exiting the unit as part of the terms of a bailout it received during the financial crisis.
- ING's PR about the deal clarifies the details of the sale after the company withdrew a release that it published in error.
Tuesday, Mar 1812:15 PM
Tuesday, Mar 1812:15 PM| Comment!
- An earlier report of ING being set to sell a chunk of its stake in ING U.S. (VOYA +0.2%) is erroneous as the Dutch bank says the announcement was the result of an error. Nevertheless, ING's intention to sell its shares in the U.S. unit is "common knowledge" says an ING spokesman.
- ING currently owns 147.8M or 57% of the VOYA.
Tuesday, Mar 1810:08 AM|Tuesday, Mar 1810:08 AM| Comment!
Tuesday, Mar 1111:33 AM
Tuesday, Mar 1111:33 AM| Comment!
- The publication of the 285-page manual marks the start of phase 2 of the ECB's review of EU banks which is expected to run until August. The exam will cover €3.72T, or 58% of the banking system's risk-weighted assets. On average, central bank supervisors will review 1,250 credit files per bank.
- The move is part of a process by the EU to harmonize banking practices across borders, break the (often-toxic) link between governments and their banks, and bring credibility back to the sector. Along with this review, the ECB is conducting stress tests for the largest banks.
- Yesterday: German lenders - including Deutsche Bank (DB) - escape the need to revalue their mortgage portfolios.
- Also among those under review: SAN, BBVA, ING
Wednesday, Feb 123:56 AM
Wednesday, Feb 123:56 AM| Comment!
- ING Group's (ING) Q4 underlying profit jumped to €405M from €163M a year earlier.
- Total underlying income grew to €6.245B from €5.19B.
- However, net profit dropped 64% to €539M ($736M), dragged down by a Dutch bank tax and costs related to ING's restructuring plan.
- Underlying pretax profit at ING's bank business jumped more than threefold to €904M, lifted by increased interest income and reduced loan-loss provisions.
- ING's insurance operations swung to a pretax loss of €428M from a profit of €448M, mainly because of a charge at its operations in Japan.
- Shares +4.4% in Amsterdam. (PR)
Wednesday, Jan 1511:57 AM
Wednesday, Jan 1511:57 AM| 2 Comments
- Good news could be in store for European banks as chatter says the ECB is considering just a 6% capital requirement in its stress tests as opposed to the 8% previously promised. A small number of countries aren't even satisfied with 6% and reportedly may press for a lower number.
- Previous European bank stress tests are known mostly for giving passing grades to lenders who just a short while later required government bailouts.
- Tails in the air today include: Santander (SAN +1.6%), Deutsche Bank (DB +2%), ING (ING +0.9%), BBVA (BBVA +3.4%), Bank of Ireland (IRE -0.6%), and Allied Irish Banks (AIBYY +6.3%).
- Related ETF: EUFN
Friday, Jan 104:23 AM
Friday, Jan 104:23 AM| Comment!
- ING (ING) has agreed to sell its Taiwanese asset management business to Japan's Nomura Asset Management and a group of investors.
- The deal is in line with ING's strategy to divest its insurance and investment businesses as part of the terms of a bailout that the Dutch bank received during the financial crisis.
- IM Taiwan has €5.2 in Assets under Management. Terms of the deal weren't disclosed. (PR)
Thursday, Jan 910:33 AM
Thursday, Jan 910:33 AM| Comment!
- ING Group (ING +0.1%) will record a €1.2B charge after agreeing on a deal to end its payment obligations to its pension fund in the Netherlands. €400M of the Q1 charge is a payment to the fund, while €800M is related to the removal of pension assets on the bank's balance sheet.
- ING is prepping an IPO of its insurance unit this year, and the deal marks "a significant milestone in the separation of bank and insurance," says CEO Ralph Hamers.
- “It’s a sizable charge that will eliminate quarterly profit, which is unfortunate,” says ABN Amro's JanWillem Knoll. “Still it’s the right thing for them to do as it releases them of all obligations related to a large back book that can cause significant financial volatility.”
- The stock initially fell in Amsterdam trade this morning, but has recovered into the green.
Tuesday, Dec 242013, 7:20 AM
Tuesday, Dec 242013, 7:20 AM| Comment!
- ING Life Korea is sold to MBK Partners - a Korean P-E firm - for a total price of about €1.27B. ING will book an after-tax loss of about €1.0B, of which €950M was already recorded in Q3 results.
- The bank continues to hold a 10% indirect stake in the business valued at about €80M.
- The sale continues ING's unloading of noncore businesses as it agreed to do under the terms of its financial crisis bailout.
Wednesday, Nov 62013, 8:33 AM
Wednesday, Nov 62013, 8:33 AM| Comment!
- ING is ahead 4.2% in the premarket after finding "a solution for Japan." The bank will no longer be a forced seller of its Japanese operations after regulators allow the unit to be integrated into the bank's European insurance arm, which will be prepped for an IPO next year.
- As part of the deal, ING agreed to speed up by two years to the end of 2016 its restructuring, which includes the sale of all of its European insurance and investment management operations.
Wednesday, Nov 62013, 2:32 AM
Wednesday, Nov 62013, 2:32 AM| Comment!
- ING's (ING) Q3 underlying pretax profit rose 8.3% to €1.22B but fell short of consensus of €1.25B.
- Underlying net profit grew 5.6% to €891M.
- Overall net profit, which includes discontinued operations, special items and divestments, slumped 85% to €101M, although that beat forecasts for a loss of €25M.
- EPS -82% to €0.03.
- Core Tier 1 ratio rose to 12.4%, or 12.1% on a pro-forma basis.
- Earnings lifted by solid performances at ING Bank and Insurance EurAsia. However, losses on the sale of assets were €950M, reflecting the estimated loss on the divestment of ING Life Korea.
- ING has repaid €1.125B in bailout money to the Dutch state, reducing the amount it owes to €1.5B.
- The bank expects to complete its restructuring by the end of 2016, two years early.
- Plans to carry out IPO of ING Insurance in 2014. (PR)
Friday, Nov 12013, 7:58 AM
Friday, Nov 12013, 7:58 AM| Comment!
- It's another bailout success story as ING is set to unwind a portfolio of MBS whose risk had been taken off the bank's books during the financial crisis to be shouldered by the Dutch government. The portfolio was originally valued at about $33B, and the sale will provide the government a nice $540M profit.
- The announcement follows ING's announcing it will pay back the government another €1.3B in crisis-era aid. In total, €8.5B of the €10B will now have been repaid, with the rest expected to be complete by May 2015.
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