ING has a long and illustrious history as one of the Netherlands’ leading financial institutions. But in the aftermath of the Lehman collapse in 2008, the bank was forced to seek state aid, following which it pledged to hive off its insurance arm and divest sundry other businesses. Although ING has recovered sharply since those dark days, its restructuring process continues.
Against this background, the bank’s position as the first issuer to tap the Tokyo Pro-Bond market is particularly noteworthy.