Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

ING Group

ING reduces its stake in TMBThanachart Bank

ING today announced a partial reduction of its stake in TMBThanachart Bank (TTB), through the participation in TTB’s most recent share buyback programme.

The transaction reduces ING’s stake (excl. Treasury shares) in TTB from 23.1% to 19.5%. Gross proceeds to ING from the transaction amount to approximately €243 million (based on current exchange rate).

The transaction reflects ING’s ongoing active capital management and disciplined approach to optimising its investment portfolio. ING remains a significant shareholder in TTB and continues to value its longstanding partnership with the bank.

The transaction is not expected to have a material impact on ING’s profit and loss account, shareholders’ equity or capital ratios.

ING acquired its stake in TTB following its historical involvement in TMB Bank, which subsequently merged with Thanachart Bank to form TMBThanachart Bank. Through this, ING has supported the development of TTB as one of Thailand’s leading financial institutions.

Note for editors For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

Press enquiries Investor enquiries ING Group Media Relations ING Group Investor Relations +31 20 576 5000 +31 20 576 6396 Media.Relations@ing.com Investor.Relations@ing.com

ING PROFILE ING is a global financial institution with a strong European base, offering banking services through its operating company ING bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

IMPORTANT LEGAL INFORMATION Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

Story Continues

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2025 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and other existing or emerging military conflicts, the risk of further military escalation, geopolitical tensions, trade restrictions and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ing.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes.  In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

Attachment

PDF Version of Press Release

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Find winning stocks in any market cycle. Join 7 million investors using Simply Wall St's investing ideas for FREE.

ING Groep (ENXTAM:INGA) has drawn investor interest after recent share price moves, with the stock down 4.6% over the past week but still showing a gain over the past 3 months.

See our latest analysis for ING Groep.

Short term momentum has cooled, with the 7 day share price return down 4.6% and the 30 day share price return down 2.6%, while the 1 year total shareholder return of 44.4% points to much stronger longer term gains.

If ING Groep’s recent moves have you thinking about what else is out there, this is a good moment to scan the market using the 101 top founder-led companies

With ING Groep trading at €25.05 alongside an indicated intrinsic discount of about 55%, the key question is simple: is this stock still undervalued, or is the market already pricing in future growth?

Most Popular Narrative: 10.6% Undervalued

Compared to ING Groep’s last close at €25.05, the most followed narrative points to a fair value of €28.01, framing the stock as modestly undervalued on that view.

ING's sustained investments in digital banking platforms and the expansion of its mobile primary customer base enable the bank to capture higher customer engagement, increase cross-selling, and achieve lower attrition rates, which position it for above-market growth in customer revenues and improved operating margins over time.

Read the complete narrative.Read the complete narrative.

Analysts are not just looking at headline profits. Their valuation focuses on how revenue, margins and share count could interact over several years.

Result: Fair Value of €28.01 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, this narrative could be challenged if European loan demand stays weak or if funding costs rise, which would pressure revenue growth and margins.

Wall Street's queuing for one rocket. While SpaceX counts down to its IPO, other companies tied to the new space race are already in orbit. → 20 Compelling Space Companies watchlist · Global Space Race Investing Ideas screener · Scan the sector by valuation on Rocket Lab's valuation page.

Next Steps

If you are curious whether ING Groep’s story leans more toward risk or reward right now, take a moment to review the details yourself and decide where you stand by checking the 3 key rewards and 2 important warning signs.

Looking for more investment ideas?

If ING Groep has caught your attention, do not stop here. Use focused stock lists to uncover other opportunities that could fit your portfolio before others spot them.

Story Continues

Target potential mispricing by scanning the market for 201 high quality undervalued stocks that combine quality fundamentals with appealing valuations. Prioritize resilience and sleep better at night by filtering for 274 resilient stocks with low risk scores that aim to limit downside when markets turn. Get ahead of the crowd by checking a screener containing 505 high quality undiscovered gems that highlights under-the-radar companies with strong underlying metrics.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include INGA.AS.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

By Mateusz Rabiega and Jakob Van Calster

June 10 (Reuters) - ING launched a new subscription-based banking model for clients in the ‌Netherlands on Wednesday, in a move aimed at diversifying income ‌streams and protecting its market share.

The Dutch-based bank expects the model, which is to ​be rolled out across its markets by mid-2027, to deliver a "meaningful" contribution to its fee income, Global Head for Private Individuals Sali Salieski told Reuters.

Salieski said the strategy was partly driven by growing competition from digital-only ‌neobanks. Rapidly expanding Revolut, ⁠for instance, is reportedly considering an initial public offering that could value it at up to $200 billion.

The model ⁠would replace pay-per-product banking with tiered monthly subscriptions that bundle banking, insurance and other services such as streaming into a single package.

The model has ​previously been ​rolled out in Belgium, Romania and ​Poland. Salieski said the rest ‌of ING's markets, including Spain, Germany and Italy, would follow suit.

ING expects subscriptions to support continued growth of fee-based revenue, particularly by lifting income linked to everyday banking services, Salieski said.

The banking group has prioritised increasing its net fee and commission income over the past years, ‌seeking to offset the easing earnings ​windfall from high interest rates post-COVID.

"I think (the ​subscription model) will also give ​more breadth across all markets, because we've had some ‌markets which are traditionally low ​fee or no fee," ​Salieski said.

ING has been recording steady double-digit growth in fee and commission income over the past two years, which in the ​first quarter stood ‌at €1.24 billion ($1.43 billion) and accounted for 21% of its total ​revenue.

($1 = 0.8655 euros)

(Reporting by Mateusz Rabiega and Jakob Van Calster ​in Gdansk, editing by Milla Nissi-Prussak)

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

ING Group

Multimedia - ING Subscriptions GraphicING Go, ING More, ING Extra, ING Max·GlobeNewswire Inc.

ING rolls out global subscription banking model

ING today announced a new global subscriptions model designed to make daily banking easier and deliver greater value for customers. The approach reflects changing customer expectations, with our research showing a growing demand for simplicity, transparency and benefits that fit everyday life.

We’re introducing four plans – ING Go, ING More, ING Extra and ING Max – under one brand across all nine retail markets covering 41 million customers (Netherlands, Belgium, Germany, Spain, Italy, Australia, Poland, Romania, Türkiye). Each subscription plan combines everyday banking with additional features and lifestyle benefits that customers would otherwise arrange separately.

The features included in each plan will be tailored per market, based on what our customers value most locally. The new model also introduces premium plans, allowing customers to select a plan that includes a broader set of higher-value banking and lifestyle benefits.

Examples include an enhanced card offer (debit and credit card in one plan), additional banking and investment benefits, comprehensive insurance cover, and partner-enabled extras such as streaming services, travel-related benefits, as well as loyalty and cashback features. By combining banking services with these added benefits in a single proposition, we aim to offer customers greater convenience, flexibility and value.

Following launches in Belgium, Poland and Romania, we are expanding the model market by market, with the Netherlands going live today as part of a phased international rollout across our retail markets*. Including customers migrated from existing offerings, there are already 3 million customers enjoying the benefits of the new plans.

Sali Salieski, global Head of Private Individuals, said: “We act when we see an opportunity to create value for customers. Following extensive customer research, they told us they want everyday banking to be simpler, designed around their lifestyle and with more flexibility. That is exactly what we are delivering - banking that adapts to life, not the other way around, and plans that bring customers more value from everyday banking.

With over €600bln in Retail banking customer deposits, the move marks an important step in our strategy to evolve from product-based banking towards more relationship-based customer propositions, combining banking, protection and lifestyle benefits within a single offering. The model is also aligned with our strategy to scale across markets, with the flexibility to stay relevant locally.

Story Continues

We are already seeing strong early interest from customers in the markets where we have launched, which gives us confidence we are addressing a real need. This is another step in how we continue to innovate for customers, and we will keep building on this to find new and better ways to make everyday banking work for them.”

Note for editors

For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom. Photos of ING operations, buildings and its executives are available for download at Flickr.

Press enquiries Investor enquiries Peter Gurney ING Group Investor Relations +31 6 1930 1316 +31 20 576 6396 peter.gurney@ing.com Investor.Relations@ing.com

ING PROFILE ING is a global financial institution with a strong European base, offering banking services through its operating company ING bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

IMPORTANT LEGAL INFORMATION Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2025 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and other existing or emerging military conflicts, the risk of further military escalation, geopolitical tensions, trade restrictions and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ing.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes.  In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

Attachments

PDF Version of Press Release Multimedia - ING Subscriptions Graphic

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

(Bloomberg) -- Banks with exposure to heavily-indebted broadband providers are selling their loans to distressed debt funds at a discount, a sign of their increasing weariness with the cash-strapped sector.

Most Read from Bloomberg

House Republican Says Hegseth’s D-Day Remarks ‘Inappropriate’ LA Mayor Race Flips as Socialist Beats Reality TV Star Pratt Trump Says He, Not Congress, Is in Charge of Kennedy Center in Reversal Trump’s $100,000 H-1B Visa Application Fee Rejected by Judge Chip Stocks Rally in AI Trade Revival After Plunge: Markets Wrap

In recent weeks, London-based FitzWalter Capital bought around half the bank debt of Germany’s DNS:Net, with lenders heading for the exit after owner 3i Infrastructure ruled out injecting further funds. The private equity group wrote down its stake to zero when the firm’s plan for rolling out cable for fiber-optic broadband faltered.

There have been a number of similar deals involving so-called altnets, smaller firms that aim to challenge incumbents like Deutsche Telekom AG and BT Group Plc.

FitzWalter also took over UK firm G.Network through an administration after buying positions in the group’s debt and equity. One bank to Deutsche Glasfaser, a major German altnet, sold roughly €350 million ($404 million) of loans to Victor Khosla’s Strategic Value Partners in the midst of a €7 billion debt restructuring.

The entrance of distressed debt funds into what is typically bank-dominated infrastructure financing highlights the lengths some lenders are prepared to go to slash exposure to the troubled industry.

Debt trades are typically limited by tough restrictions and banks’ unwillingness to crystallize losses. However, with many lenders involved in several fiber companies that have fallen short on ambitious rollout plans, some are taking the decision to get out.

There could be more painful steps ahead. Altnets borrowed big to fund the expensive work of digging up roads and laying down cables, leaving poor performers with huge loans to shoulder. About 65% of European fiber companies need to refinance in the next two years, according to a survey by AlixPartners.

They were at one point awash with cash, attracting around €85 billion in debt financing alone from 2021 to 2024, figures from industry body FTTH Council Europe show.

Private equity sponsors including EQT AB and Goldman Sachs Asset Management, and banks from NatWest Group to Societe Generale SA, saw a surefire bet given government backing for improved connectivity and trends in homeworking after the pandemic.

But money has become more scarce as higher inflation and financing costs undermine debt-fueled business plans. Some have emerged from the ructions fairly unscathed, given different regulatory regimes and building requirements, but the intensely competitive markets in Germany and the UK have led to problems that’s inflicted heavy losses on investors.

Story Continues

“There’s an injection of reality that has now landed quite heavily into the market,” said Stuart Cockburn, a partner at AlixPartners in London.

Land Grabs

The altnet idea seemed simple: Finance the fastest and biggest expansion possible to grab customers and capitalize on the break-up of former monopolies.

But while newer players built vast amounts of cable, customer signups hadn’t kept pace with spending, and some had very little cashflow to show for it.

“There was a focus on land grabbing — building as much fiber as you could so that you would be there sooner than your competitor,” said Jeroen Kleinjan, global lead for telecom at ING Groep. “There wasn’t sufficient focus on actually connecting subscribers to the network.”

At the same time, Covid-era lockdowns underlined to incumbents the importance of fiber, and they began accelerating construction of their own networks. Combined, these factors quickly created refinancing difficulties, even for wholesale providers that build the infrastructure for retail-focused Internet providers.

Costly Restructurings

Restructurings have proved expensive for both lenders and sponsors alike. Deutsche Glasfaser, which agreed a debt overhaul in April, saw sponsors provide €845 million in preferred equity to support the company, but only in exchange for lenders agreeing to subordinate €1.7 billion of debt — pushing their claims further back in the queue for repayment. Banks also had to provide €400 million in new financing. Deutsche Glasfaser declined to comment.

In some cases, lenders have been forced to take over a company themselves as a last resort. A consortium of creditors including the UK’s state-backed National Wealth Fund, ABN Amro and NatWest earlier this year took control of Gigaclear, a fiber provider for rural areas in England.

The slew of negative news means many lenders have grown reluctant to lend to the sector. DNS:Net blamed its inability to refinance at the end of last year on the ongoing restructuring of a major German altnet — likely Deutsche Glasfaser.

“It’s like a gate that is closing,” said Susanne Küppers, chief financial officer of German fiber operator GVG Glasfaser, which took longer than expected to complete what should have been a routine refinancing. “Banks become unwilling invest further in the same sector.”

Even once a company wins over lenders, some may still need funding down the line.

UK-based CityFibre may need to raise about £1 billion to fund growth plans after renegotiating its debt last year as part of a recapitalization. The country’s largest altnet already got £2.3 billion from lenders such as Lloyds Banking Group Plc and SocGen as well as shareholders.

CityFibre is among those hoping to grow through acquisitions. Buying other companies and growing “a wider footprint is a no brainer for us,” said Assia Belkahia, a partner at Antin Infrastructure Partners, a major shareholder in the firm.

In the UK, Nexfibre — backed by Telefonica SA and Liberty Global — agreed this year to acquire Netomnia in a £2 billion deal. Shareholders are injecting £1 billion of funding to support the transaction.

Deals can be slow given the potential for disagreement over valuations, and there’s no guarantee of success.

Germany’s Unsere Grüne Glasfaser, a Telefonica-Allianz SE joint venture, acquired rival Infrafibre for just €1 in 2024, betting it could boost its business by acquiring a peer on the cheap.

But the integration of two fibre networks plus Infrafibre’s retail business isn’t without challenges. The company is engaging with lenders on a refinancing which will test financiers’ belief in the company’s ability to see through a costly consolidation. The process is currently ongoing “without any immediate pressure” from debt covenants or funding arrangements, a company spokesperson said.

--With assistance from Paula Doenecke, Arno Schütze and Giulia Morpurgo.

Most Read from Bloomberg Businessweek

Chinese Diners Will Wait Five Hours for This Conveyor-Belt Sushi SpaceX IPO Forces Investors to Bet on Musk’s Entangled AI Empire Men in Blazers Is Coming to Take Over the World Cup Where’s the Global Economic Meltdown? What Trump Delivered for Amazon

©2026 Bloomberg L.P.

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

ING Group

Progress on share buyback programme

ING announced today that, as part of our €1.0 billion share buyback programme announced on 30 April 2026, in total 1,450,000 shares were repurchased during the week of 1 June up to and including 5 June 2026.

The shares were repurchased at an average price of €26.39 for a total amount of €38,260,235.00. For detailed information on the daily repurchased shares, individual share purchase transactions and weekly reports, see the updates on the share buyback programme on our website.

In line with the purpose of the programme to reduce the share capital of ING, the total number of shares repurchased under this programme to date is 8,950,000 at an average price of €25.71 for a total consideration of €230,133,570.00. To date approximately 23.01% of the maximum total value of the share buyback programme has been completed.

Note for editors For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

Press enquiries Investor enquiries ING Group Media Relations ING Group Investor Relations +31 20 576 5000 +31 20 576 6396 Media.Relations@ing.com Investor.Relations@ing.com

ING PROFILE ING is a global financial institution with a strong European base, offering banking services through its operating company ING bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING's ESG rating by MSCI has been upgraded from 'AA' to 'AAA' in October 2025. As of June 2025, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’ with an ESG risk rating of 18.0 (low risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

IMPORTANT LEGAL INFORMATION Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

Story Continues

ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2025 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and other existing or emerging military conflicts, the risk of further military escalation, geopolitical tensions, trade restrictions and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change, diversity, equity and inclusion and other ESG-related matters, including data gathering and reporting and also including managing the conflicting laws and requirements of governments, regulators and authorities with respect to these topics (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ing.com.

This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information. This document may also discuss one or more specific transactions and/or contain general statements about ING’s ESG approach. The approach and criteria referred to in this document are intended to be applied in accordance with applicable law. Due to the fact that there may be different or even conflicting laws, the approach, criteria or the application thereof, could be different.

Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes.  In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

Attachment

PDF Version of Press Release

View Comments

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Ein privater Kreditfonds der Blue Owl Capital Inc., der im vergangenen Jahr die Rücknahmen begrenzt hatte, plant den Verkauf von 500 Millionen Dollar aus einem Anleihenverkauf. Der Fonds hat einen fünfjährigen Zins von 2,55 Prozentpunkten über Staatsanleihen, was etwa ein Viertelpunkt enger ist als die anfängliche Preisdiskussion. Die Einnahmen werden zur Tilgung von Schulden verwendet.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Die aktuellste Aktualisierung bringt das geschätzte faire Wert von ING Groep von €27,70 auf €28,01 pro Aktie, was einem Plus von etwa 1,1% entspricht. Dies geschieht gegen den Hintergrund mehrerer Unternehmen, die ihre Kursziele angehoben haben, während mindestens ein Unternehmen vorsichtiger geworden ist, was eine gemischte aber klarere Vorstellung davon gibt, wie sich das Sentiment ändert. Lesen Sie weiter, um zu sehen, was diese Änderungen in den Zielen antreibt und wie Sie die sich entwickelnde Geschichte rund um ING Groep verfolgen können.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

Die ING Group hat heute bekannt gegeben, dass Andrea Cesaroni als neuer Risikomanager ernannt wird. Andrea Cesaroni ist seit 2022 Head of Integrated Risk bei der ING und übernahm zusätzlich die Rolle des Head of Risk ad interim im Februar 2026. Er wird ab dem 8. Juni 2026 Mitglied des Management Boards Banking sein und soll von den Aktionären zum Mitglied des Executive Boards ernannt werden.

Haftungsausschluss: Der Text wurde mit Hilfe einer KI zusammengefasst und übersetzt. Für Aussagen aus dem Originaltext wird keine Haftung übernommen!

ING Bank NV hat zusammen mit Worldline und Mastercard ein End-to-End-AI-Agenten-initiiertes Zahlungsvorgang in einem lebenden Produktionsumfeld abgeschlossen. Der Vorgang umfasste einen AI-Agenten, der eine Einzelhandelszahlung auslöste, die von dem Benutzer innerhalb des bestehenden europäischen Zahlungsinfrastrukturen authentifiziert und genehmigt wurde. Dies markiert ein neues Testfall für AI-getriebene Verbraucherzahlungen, die sich auf INGs Bankleitungen und Partner-Technologie beziehen.