ING Says ING Bank Is Subject To Criminal Investigations By Dutch Authorities

(RTTNews) - Dutch banking firm ING Group NV (ING) announced Monday that it has filed supplements to the Registration Documents for the debt issuance programmes of ING Groep N.V. and ING Bank N.V.

The updates concern a change in the wording in the section 'General information - Litigation', reflecting an update on timing.

The full amended paragraph now reads: "ING Bank is the subject of criminal investigations by Dutch authorities regarding various requirements related to client on-boarding, money laundering and corrupt practices. ING Group has also received related information requests from US authorities. ING Group and ING Bank are cooperating with such ongoing investigations and requests. Management has concluded under IFRS that it is more likely than not that a present obligation exists and that an outflow of resources is probable, but was not able to estimate reliably the possible timing, scope or amounts of any fines, penalties and/or other outcome, which could be significant. ING expects to continue to receive more information from the Dutch authorities concerning the potential consequences of their investigation through the first half and third quarter of 2018."