ING Eyes European Bank Acquisitions to Expand Market Presence

Dutch banking giant ING Group is actively exploring acquisition opportunities in key European markets as part of its strategy to expand its footprint, according to its chief executive. The bank is considering potential takeovers in major financial hubs, aligning with the ongoing wave of mergers reshaping the sector.

The CEO indicated that ING is open to pursuing significant deals in Germany, Italy, and Spain, emphasizing the bank’s goal of increasing its presence in larger markets. He acknowledged that mergers and acquisitions were a possibility across multiple regions, provided they met ING’s strategic criteria.

This renewed interest in expansion underscores the bank’s ambitions following its post-2008 financial crisis recovery, during which it transitioned into a leader in low-cost, digital banking while maintaining a smaller wholesale banking division.

While the CEO refrained from specifying potential acquisition targets, he did not dismiss the possibility of pursuing Germany’s Commerzbank, a key lender to mid-sized businesses—a sector ING is keen to strengthen. He suggested that any potential deals would focus on businesses offering specific financial products, operating in ING’s existing geographical markets, and possessing a strong digital presence.

His interest in acquisitions comes amid ongoing consolidation in the European banking landscape. In Spain and Italy, major lenders such as BBVA and UniCredit are already acquiring smaller competitors to strengthen their market positions. Commerzbank, in particular, has been working to defend itself against acquisition attempts from Italy’s UniCredit, while ING’s potential involvement could further shift the competitive dynamics.

Last year, the CEO had downplayed interest in Commerzbank, citing its extensive branch network as a potential drawback. However, recent statements suggest a renewed openness to strategic acquisitions.

Dutch finance minister Eelco Heinen recently acknowledged the ongoing consolidation among European banks, expressing a preference for Dutch banks to participate as buyers rather than become acquisition targets for foreign competitors.

ING is also diversifying its business by expanding into private banking for high-net-worth clients in markets where it already operates. The CEO emphasized that the bank was actively broadening its service offerings to cater to different customer segments.

Currently, ING generates the majority of its revenue from the Netherlands and Belgium, with Germany being its next-largest market, while its operations in Italy and Spain remain comparatively smaller. Retail loans and mortgages in the Netherlands and Belgium account for approximately 55% of its $562 billion in retail lending.

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