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ING has agreed to acquire a 17.6% stake in Van Lanschot Kempen, increasing its total ownership to 20.3%. This move aims to enhance ING's position in private banking and wealth management, with minimal impact on its CET1 ratio. CEO Steven van Rijswijk emphasized the long-term investment potential and support for Van Lanschot Kempen's strategic progress.
Macquarie, ING, and Qudos Bank have cut term deposit rates, with reductions of up to 40 bps, while RaboBank has increased rates for longer terms, particularly four and five years. The trend of declining rates continues, with fewer products offering rates starting with a 5, signaling the end of a favorable period for savers. RaboBank's competitive long-term rates provide a glimmer of hope for those seeking fixed investments.
The USD/JPY pair is influenced by US Treasury yields and anticipated Bank of Japan rate adjustments, with a potential floor forming around 148.70/149.00. Upcoming Tokyo CPI data may bolster expectations for earlier BoJ rate hikes, despite current speculative positioning being long on the yen. A 25bp rate hike in May is considered underpriced at 20%.
ING has completed over 62% of its two-billion-euro share buyback program, having repurchased nearly 3.11 million shares last week at an average price of 16.52 euros, totaling approximately 51.4 million euros. To date, the bank has bought back almost 81.3 million shares for a total of 1.24 billion euros.
UBS has maintained a "Buy" rating for ING, setting a target price of 21 euros following the release of quarterly figures that met expectations. Analyst Johan Ekblom noted that the outlook for 2025 aligns with these results, reflecting confidence in the bank's performance.
UBS has rated ING as a 'Buy' with a target price of 21 Euros. However, trading in financial instruments and cryptocurrencies carries significant risks, including potential loss of capital due to market volatility influenced by various external factors. It is crucial for investors to understand these risks and seek independent advice if needed.
The sustainable debt market is poised for modest growth in 2025, driven by the implementation of new regulations like the EU Green Bond Standard (EUGBS) and increasing scrutiny on sustainability documentation. While some issuers adopt a cautious approach, the potential revival of sustainability-linked bonds (SLBs) could enhance market dynamics as lenders evaluate ESG target compliance. The evolving regulatory landscape presents both challenges and opportunities for issuers navigating the complexities of sustainable finance.
Ralph Hamers, the former CEO of UBS, will not face prosecution for aiding money laundering, as the Dutch public prosecutor's office found insufficient evidence against him. This decision follows a lengthy investigation that began in late 2020, linked to his previous role at ING, which was fined for inadequate anti-money laundering measures. Despite the prosecutor's conclusion, there remains a possibility that a court could still bring charges against him.
UBS highlights that European banks are currently undervalued, trading at 6.9x 2025 consensus EPS, which is a 24% discount to the long-term average. The firm anticipates a low of 2% for ECB interest rates and expects the banking sector to outperform other European equities by 30% in the next 12-18 months. Top picks include Barclays, Bawag, ING, Intesa SanPaolo, NBG Group, and Société Générale, as M&A activity gains momentum.
Thomas Baumann fell victim to sophisticated online fraud after cybercriminals hijacked his real estate agent's email, altering payment details for a €23,000 transfer. Despite initial trust in the communication, the lack of verification led to the loss, highlighting the need for secure email practices and cross-channel confirmation for transactions. Banks are urged to enhance monitoring of suspicious activities, especially in cross-border transactions.
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