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Share Price: 53.94

Bid: 53.90

Ask: 53.94

Change: 0.00 (0.00%)

Spread: 0.04 (0.074%)

Open: 54.16

High: 54.34

Low: 53.70

Prev. Close: 53.94

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ING plans rights call and downsizing

Mon, 26th Oct 2009 08:08

Dutch banking group ING is to launch a massive rights issue and is splitting itself in two to enable it to pay back government bail-out funds.The group, which received a €10bn hand-out from the Dutch government last year, is to raise €7.5bn through a right issue, and said it intends to raise more funds through the sale of its insurance and investment management assets by 2013.'Negotiations with the European Commission on the restructuring plan have acted as a catalyst to accelerate the strategic decision to completely separate banking and insurance operations,' the company said. 'ING will explore all options, including initial public offerings, sales or combinations thereof.'Once the funds from the issue have been pocketed the group will pay €5bn back to the state in December, far earlier than expected. It will also return a further €1.3bn in state guarantees that it has been given.The move will spike the guns of an EU investigation into the legality of the state aid ING received. European competition commissioner Neelie Kroes is investigating the legal ramifications of state hand-outs to banks, including those given by the UK government to Royal Bank of Scotland and Lloyds Banking.The report is expected to be published before the end of the year.In keeping with many other banks with investment banking arms, ING is trading profitably once again and said it expects to announce third quarter adjusted net profits of €750m, versus a loss of 568m in the third quarter of 2008.The profitable third quarter represents an improvement on the €229m profit made in the second quarter.

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9 May 2024 15:49

UK shareholder meetings calendar - next 7 days

Friday 10 May
Cairn Homes PLC	AGM
Derwent London PLC	AGM
Diversified Energy Co PLC	AGM
Hutchmed China Ltd	AGM
Irish Residential Properties REIT PLC	AGM
Kenmare Resources PLC	AGM
Rightmove PLC	AGM
Serinus Energy PLC	AGM
Standard Chartered PLC	AGM
Wheaton Precious Metals Corp	AGM
Monday 13 May
88 Energy Ltd	AGM
888 Holdings PLC	AGM
hVIVO PLC	AGM
Kore Potash PLC	AGM
Tuesday 14 May
Aptitude Software Group PLC	AGM
Chesnara PLC	AGM
Cirata PLC	AGM
Computacenter PLC	AGM
EKF Diagnostics Holdings PLC	AGM
FDM Group PLC	AGM
Henderson High Income Trust PLC	AGM
Kakuzi Ltd	AGM
Luceco PLC	AGM
Midwich Group PLC	AGM
Phoenix Group Holdings PLC	AGM
TI Fluid Systems PLC	AGM
Wednesday 15 May
Accrol Group Holdings PLC	GM re takeover by Navigator Paper
Aura Renewable Acquisitions PLC	AGM
Barratt Developments PLC	GM re takeover of Redrow PLC
Bridgepoint Group PLC	AGM
Burford Capital Ltd	AGM
Conduit Holdings Ltd	AGM
Funding Circle Holdings PLC	AGM
Gama Aviation PLC	GM re tender offer
GCP Asset Backed Income Fund Ltd	AGM
Greggs PLC	AGM
IQGeo Group PLC	AGM
Literacy Capital PLC	AGM
Marshalls PLC	AGM
Mpac Group PLC	AGM
Redrow PLC	GM re takeover by Barratt Developments PLC
Renewables Infrastructure Group Ltd	AGM
Savills PLC	AGM
Seneca Growth Capital VCT PLC	AGM
Spirax-Sarco Engineering PLC	AGM
St James's Place PLC	AGM
TP ICAP Group PLC	AGM
Vesuvius PLC	AGM
Thursday 16 May
Ceres Power Holdings PLC	AGM
ConvaTec Group PLC	AGM
Costain Group PLC	AGM
Eurocell PLC	AGM
Global Opportunities Trust PLC	AGM
Gresham Technologies PLC	GM re takeover by STG Partners funds
H&T Group PLC	AGM
Ibstock PLC	AGM
Just Eat Takeaway.com NV	AGM
Lloyds Banking Group PLC	AGM
M&C Saatchi PLC	AGM
Michelmersh Brick Holdings PLC	AGM
Next PLC	AGM
Predator Oil & Gas Holdings PLC	AGM
PYX Resources Ltd	AGM
Restore PLC	AGM
RTW Biotech Opportunities Ltd	AGM
Secure Trust Bank PLC	AGM
Seplat Energy PLC	AGM
Triple Point Social Housing REIT PLC	AGM
Tyman PLC	AGM
Unite Group PLC	AGM
Vector Capital PLC	AGM
Vistry PLC	AGM
WAG Payment Solutions PLC	AGM

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