Finance
ING looking for acquisitions to grow in Germany, Italy and Spain, says CEO
Published by Global Banking & Finance Review®
Posted on February 3, 2025
3 min readLast updated: January 26, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on February 3, 2025
3 min readLast updated: January 26, 2026
ING Group aims to expand in Germany, Italy, and Spain through acquisitions, focusing on banks with strong digital presence.
By Elisa Martinuzzi and John O'Donnell
LONDON (Reuters) -Dutch lender ING Group is looking for opportunities to buy rival banks in major European countries to boost its size, its chief executive told Reuters, potentially joining a wave of takeovers sweeping the region's financial sector.
The remarks from the head of one of Europe's biggest banks are a clear signal that it is open to striking significant deals in Germany, Italy and Spain.
"We want to get bigger in bigger markets, including Italy, Spain and Germany," Steven van Rijswijk told Reuters. "M&A (mergers and acquisitions) is an option everywhere, if it would suit our criteria."
The comments illustrate the rekindled ambitions of the Dutch lender, which was bailed out by the government in the aftermath of the global financial crisis of 2008, and then reinvented itself as a pioneer of low-cost, no-frills online banking, alongside its smaller wholesale bank.
Van Rijswijk declined to name any targets, leaving his options open when asked if he was interested in Germany's Commerzbank, one of the country's most prominent lenders to medium-sized companies, an area where ING is looking to expand.
His ambition for deals could play a part in changing the banking landscape across Europe, as Commerzbank seeks to fend off Italy's UniCredit after rebuffing the Italian bank's approach for a tie-up.
In Spain and Italy, top lenders including BBVA and UniCredit are bidding for smaller rivals to grow their dominance.
"We would be looking firstly at businesses that offer certain products, operate predominantly in geographical markets where we are already active and have a strong digital footprint," the CEO told Reuters when asked specifically about Commerzbank.
Last year, Van Rijswijk played down interest in the German lender, citing its large branch network.
Dutch finance minister Eelco Heinen recently highlighted a consolidation battle among banks in Europe, expressing hope that Dutch banks could be involved as buyers rather than falling prey to foreign rivals.
Van Rijswijk highlighted so-called private banking with wealthier customers as one area of interest.
"The bank is now diversifying, and looking to cater to different segments, adding business lines such as private banking in markets where ING already has a presence," he said.
ING generates the bulk of its earnings in the Netherlands and neighbouring Belgium, followed by Germany, with far smaller operations in Italy and Spain.
Loans and mortgages in the Netherlands and Belgium make up about 55% of the 545 billion euros of retail loans.
European banks are weighing a fresh round of consolidation, bolstered by run of record profits and soaring stock markets.
($1 = 0.9651 euros)
(Reporting by Elisa Martinuzzi and John O'DonnellEditing by Tommy Reggiori Wilkes and Susan Fenton)
ING Group is looking to expand in Germany, Italy, and Spain as part of its acquisition strategy.
ING aims to diversify into private banking, focusing on wealthier customers in markets where it already has a presence.
Dutch finance minister Eelco Heinen highlighted a consolidation battle among banks in Europe and expressed hope that Dutch banks could be buyers rather than targets.
Commerzbank is one of Germany's prominent lenders, and while Van Rijswijk did not confirm interest, its status could influence ING's acquisition strategy.
ING generates the bulk of its earnings in the Netherlands and Belgium, followed by Germany, with smaller operations in Italy and Spain.
Explore more articles in the Finance category
