The Dutch Bank Group Look for competing entities to grow via purchases in key markets like Spain. “We want to grow in larger markets like Italy, Spain and Germany“He said a Reuters His CEO Steven Van Rijswijk.
“The mergers and acquisitions are an option everywhere if they conform to our criteria,” explained the manager, thus potentially adding to the acquisition wave that the financial sector razes in Europe, with BBVA’s hostile OPA on Sabadell, the OPA launched by Unicredit about its Italian competitor Banco BPM after also declare their interest in Commerzbank, or the OPA of Monte dei Paschi di Siena (MPS) on Mediobanca.
ING Executive intentions show the Strong ambition from the entity to grow after normalizing its activity after the rescue of which it was objective by the government after the financial crisis of 2008.
Van Rijswijk ruled out to reveal specific objectives or names of entities that interest him, leaving his options open when asked if he was interested in the commerzbank of Germany and one of the greatest lenders of SMEs where Ing wants to grow, he said Reuters.
His ambition for closing agreements could contribute to changing the banking landscape throughout Europe, while Commerzbank seeks to defend himself from the Italian Unicredit after rejecting the Italian bank’s proposal to merge.
In Spain and Italy, large banks compete with smaller rivals to increase their domain. “First we would look for companies that offer certain products, operate predominantly in geographical markets in which we are already active and have a strong digital presence “explained the manager to Reuters When specifically questioned about Commerzbank.
The banker put the Private banking among the business niches where ING has greater interest. “The bank is now diversifying and seeking to attend different segments, adding business lines such as private banking in markets where Ing already has a presence,” he said.
ING generates most of its profits in the Netherlands and neighbor Belgium, followed by Germany, with much smaller operations in Italy and Spain.
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