ING’s announcement in June of a new insurance distribution agreement with France’s Axa comes after a tough period for the Dutch lender.
Its share price performance has been worse than any other large-cap bank in Europe, notes Citi research. In June it slipped below consensus 2018 book value, according to Berenberg. ING underperformed the European Stoxx Banks 600 index by 8% in the 12 months to mid-June. Other Benelux banks, on the other hand, continued to outperform.
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