The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Fintech

ING: Hamers draws up his European masterplan

Digital-obsessed chief executive Ralph Hamers has pushed ING towards what is perhaps the biggest bank transformation in Europe. Can it become a model for how to build a globally competitive retail bank, straddling the continent’s fragmented markets?

Hamers_cover_780

Illustration: Britt Spencer



 

IN ADDITION        





There is no hiding the passion with which Ralph Hamers has pursued digitalization, since his promotion to ING’s chief executive five years ago.

He has hammered home the Dutch bank’s internet-era advantages, making it stand out from the pack of European banks still struggling to find a place in the post-crisis world. From being forced to sell insurer NN Group as a condition of its 2008 bailout, now it can even contemplate Europe’s most important bank acquisition for more than a decade: Commerzbank.

How is it then that ING still trades at a discount to book value of about 25%, even though its return on equity is better than any other Europe-focused bank of its size, at about 11%? Is Hamers making a fundamental strategic error, despite the technology boom?

There is, it seems, remarkably little enthusiasm among peers for Hamers’ grandiose transformation project. Launched in 2016 and now due to run until 2022 or later, this is possibly the boldest project of its kind in European banking today and it could provide a model for the sector for decades to come.




You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree