Shares in Dutch bank ING rose 2.4 per cent to $43.3 in the aftermath of reports that the company is looking to revise its strategy. The market value of the company rose in the wake of a report in a Dutch newspaper that it had hired Goldman Sachs and JP Morgan to act in an advisory capacity for a strategic review.
Dutch daily Het Financieele Dagblad said that the change of direction could see ING merge with a Dutch bank or could result in overseas acquisitions. Since the article was published shares in Fortis, KBC Group and Dexia have all posted gains of three per cent, as speculation mounts that they will prove targets for ING’s activities.
“We don’t feel pressure to take on large acquisitions, but if there is consolidation, we will participate,” says Peter Jong, ING spokesman.