Dutch ING has declared about losses
17 November 2008In III quarter of 2008 Dutch financial group ING Groep N.V. has for the first time for the history declared about losses.
For the accounting period pure loss of the company has made 478 million euro in comparison with net profit at the rate of 2,3 billion euro year before.
The company explains deterioration of financial indicators by write-offs for the sum of 1,5 billion euro. Thus the head of the company Michel Tilman has warned that negative influence of difficult economic conditions on financial results will proceed even within the next year.
In comparison with its competitors ING rather quite good copes with financial crisis. Nevertheless, last month the group has taken advantage of public funds at the rate of 10 billion euro for capital replenishment as stock quotes of the company have fallen to the 15-year-old minimum.
Bank and investment business, life insurance are the basic directions of ING’s activity. ING has about 85 million clients in more than 50 countries.
- ING expects the loss on results of 2008
- The largest American insurer declared record losses
- Moody’s has declared credit rating downturn of the U.S. largest insurer
- Netherlands will allocate 10 billion euro for ING rescue
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