The ratings are driven by its strong and resilient retail andcommercial banking franchise in the Benelux region. As well, ING continues to beat the forefront of direct retail banking operations in several important markets, including Germany. The bank has remained profitable despite restructuring, impairments on financial assets and elevated credit costs. At the same time, both the bank’s funding profile and capital position have strengthened.

With management now focused on executing the second phase of their strategic plan, we remain cautious with respect to potential risks deriving from the group’s growth strategy in its non-core geographies. However, we regard positively the continuous focus on customer experience, both enhancing the omnichannel approach, but also through automatization of back office processes.

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