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A Dutch environmental group, Milieudefensie, has initiated legal action against ING bank, seeking to compel it to reduce carbon dioxide emissions by 50% by 2030. The group, supported by 30,000 co-plaintiffs, argues that ING's financing of fossil fuel projects undermines the Paris Agreement's climate goals. Despite a recent court ruling against similar climate actions, Milieudefensie remains optimistic about their case, emphasizing the need for financial institutions to shift investments towards sustainable practices.
ING Groep NV is facing a lawsuit in the Netherlands from Milieudefensie, which claims the bank has not taken sufficient action to reduce its emissions. The nonprofit demands that ING halve its total emissions by 2030 and stop financing new oil and gas projects, highlighting the bank's significant climate impact. Despite acknowledging the lawsuit, ING asserts its commitment to climate action and has made strides in reducing its carbon footprint, including ceasing dedicated financing for new fossil fuel projects.
ING Groep has been upgraded from a "neutral" to a "buy" rating by The Goldman Sachs Group. The company's shares opened at $20.06, with a market cap of $70.16 billion and a PE ratio of 9.37. Despite a recent earnings miss, analysts expect ING Groep to post $2.14 earnings per share for the current fiscal year.
ING Groep N.V., the leading financial services group in Benelux, has criticized a Dutch environmental group's climate case claims as "unrealistic" and "unreasonable." The group's income is primarily derived from retail banking (67.4%), with significant revenues from the Netherlands (32.2%), Germany (19.1%), and Belgium (18%). As of the end of 2024, ING managed EUR 691.7 billion in current deposits and EUR 680.2 billion in current credits.
ING Groep NV, the largest bank in the Netherlands, is facing a lawsuit from an environmental nonprofit organization. The lawsuit claims that ING has failed to adequately incorporate climate change considerations into its operations and demands the bank disclose all accountable emissions and reduce them by half. The organization seeks to enforce ING's responsibility to limit its environmental impact.
ING Groep NV, the largest bank in the Netherlands, is facing a lawsuit from an environmental nonprofit organization. The lawsuit claims that the bank has failed to adequately integrate climate change considerations into its operations and demands that ING disclose all accountable emissions and reduce them by half. The organization seeks to hold the bank responsible for its environmental impact and enforce its obligations regarding climate change.
An environmental nonprofit has filed a lawsuit against ING Groep NV, claiming the Dutch bank has not adequately addressed climate change in its operations. The suit demands that ING take responsibility for its significant climate impact by clearly reporting all emissions and committing to halving them.
Milieudefensie has initiated a climate lawsuit against ING Groep NV. The bank's head of business ethics, Arnaud Cohen Stuart, stated that they have not yet reviewed the claims but find them to be unrealistic and unreasonable so far.
Kazakhstan's largest e-commerce group, Kaspi.kz, has agreed to acquire Rabobank's Turkish subsidiary, which is a fully licensed bank in Türkiye with no borrowing or depositing clients and a single branch. The acquisition, announced on March 27, is pending regulatory approval and is considered non-material. Rabobank's Turkish operations, established in 2013, are the 40th largest lender in the Turkish banking sector, with assets of 1.9 billion Turkish Liras as of the end of 2024.
Kazakhstan's largest e-commerce group, Kaspi.kz, has agreed to acquire Rabobank's Turkish subsidiary, pending regulatory approval. The transaction is deemed non-material, as Rabobank A.S. operates without borrowing or depositing clients and lacks a branch network. In October, Kaspi became the controlling shareholder of Turkish e-commerce firm Hepsiburada, holding 65.4% of its shares. Kaspi has been listed on Nasdaq since January 2024.
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