Netherlands bank ING Groep to write off 300 m euros
September 19, 2020
Finance

Netherlands bank ING Groep to write off 300 m euros

AMSTERDAM (THE NETHERLANDS) – ING Groep announced on Tuesday it was slated to write off 300 million euros ($351.9 million) from the value of its previous acquisitions, as the bank was hit hard by the economic fallout.

The Dutch bank said it will book the goodwill impairment, which does not affect its capital ratios, in its Q-2 results due on Aug. 6.

A spokesperson of the bank said the impairment is related to “multiple acquisitions, “some of which are from a long time ago”.

It had already said that its Q-2 net profit would be hit by the pandemic crisis as the lockdown across Europe led to a spurt in bad loans.

(Photos syndicated via Reuters)
This story has been edited by BH staff and is published from a syndicated field

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