IN BRIEF: ING sets aside EUR180 million for customer compensation

ING Group NV - Amsterdam-headquartered banking and financial services firm - Offers compensation ...

Alliance News 20 October, 2021 | 2:04PM
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ING Group NV - Amsterdam-headquartered banking and financial services firm - Offers compensation to Dutch retail customers with revolving consumer loans that did not sufficiently follow market rates. Sets aside EUR180 million for compensation and related costs, which will be included in its third quarter of 2021. This responds to rulings by the Dutch Institute for Financial Disputes, regarding similar products offered by other banks.

"We have investigated the relevance of these rulings for our floating-rate credit products in the Netherlands. This is expected to concern approximately 10% of the contracts for these products. The Dutch Consumers’ Association has reacted positively on ING’s intention and is prepared to further discuss the execution and details of the scheme, which is expected to be completed before the end of 2022," ING says.

Current stock price: EUR13.01 in Amsterdam on Wednesday

Year-to-date change: up 70%

By Scarlett Butler; scarlettbutler@alliancenews.com

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