HALISTER1: ING Slumps; KBC Says Investors Nervous About Criminal Probe

ING Slumps; KBC Says Investors Nervous About Criminal Probe

(Bloomberg) -- ING drops as much as 6.1%, most in almost nine months, after Het Financieele Dagblad reported that ING is subject to an investigation by Dutch authorities into money laundering and international corruption. KBC says it’s hard to assess what ING’s exact role in any alleged wrongdoing may be, or what penalties it may face.
  • Volume is 1.3x of 3-month daily average after about 2 1/2 hours
  • Second-biggest decliner in 46-member Stoxx 600 Banks index as all peers drop
  • KBC says U.S. authorities have requested information about ING’s activities
    • Says penalties by U.S. authorities in similar cases were "very high"
    • Notes ING said in annual report that it was subject to criminal investigations by Dutch authorities
    • Reiterates hold rating, PT EU14.50
  • RELATED
  • Stock up 4.4% MTD vs SX7P up 2.7%
  • Stock up 1.6% YTD vs SX7P up 2.6% 
  • 33 ratings, 17 buy, 14 hold, 2 sell; avg. PT EU14.9 implies 10% upside
To contact the reporter on this story: Chris Malpass in Berlin at cmalpass@bloomberg.net To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net Brian Lysaght

Alert: HALISTER1
Source: BFW (Bloomberg First Word)

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INGA NA (ING Groep NV)

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