- ING Germany acquires a five percent stake in European Export and Trade Bank AKA
- Investment is another milestone for growth in Wholesale Banking
- ING to strengthen position in Trade and Export Finance
Frankfurt am Main - ING Germany is taking the next step towards further growth of its Wholesale Banking business by acquiring five per cent in European Export and Trade Bank AKA („AKA“). Michiel de Vries, Global Head Structured Export Finance at ING, will join the Supervisory Board of AKA. The acquisition and supervisory board membership are still subject to the fulfillment of the last closing conditions.
This investment will increase ING’s visibility in Trade and Export Finance and strengthen its position in Europe. With AKA as an international Trade & Export Finance specialist, who is supporting banks especially with ECA-covered loans, ING will be well positioned to effectively expand its capacity for large-scale transactions. This investment is also a further milestone for ING on its way to becoming one of the five leading corporate banks in Germany by 2022.
"By cooperating with AKA, we are expanding the range of attractive financing solutions we can offer our customers," explains Michiel de Vries the reasons behind the deal. "We would like to accelerate our growth and further expand our leading role in Export Finance for German corporates."
"As a strong partner at the side of banks and corporates, AKA has been contributing to international trade financings for over 65 years. We are looking forward to yielding this expertise to our future cooperation with ING," says Michael Schmid, Chairman of AKA’s Supervisory Board. “Our investments in the further development of our product and services portfolio – from digital solutions for standardized, small-ticket buyer credits to large-scale project financings – will make this cooperation with AKA increasingly attractive.
About ING Germany
With more than 9 million customers, ING is Germany’s third-largest bank. Its core retail banking services are mortgages, current accounts, savings, consumer loans and brokerage. The bank can be reached by customers 24/7. ING Wholesale Banking takes care of corporate clients, including large, internationally operating companies. Some 4,000 employees work for ING at its offices in Frankfurt (headquarters), Hanover, Nuremberg and Vienna.
Since its foundation in 1952, AKA has supported various market participants alongside its shareholder banks as a powerful partner, both in Germany and throughout Europe. Our joint goal: the successful realization of international Trade & Export Financings. Discretion and cooperation are AKA's top priorities. The bank is currently working alongside 17 shareholders. In addition to an established network in the European Trade Finance market, AKA has long-standing experience in the lending business and a special expertise for Emerging Markets – currently with a loan portfolio exposure in over 70 countries around the globe.