Dutch bank ING writes off $350 mln due to coronavirus crisis

Credit: REUTERS/Francois Lenoir

Dutch bank ING said on Tuesday it expected to write off about 300 million euros ($351.9 million) from the value of past acquisitions, as the economic fallout of the coronavirus pandemic had lowered their value.

AMSTERDAM, July 28 (Reuters) - Dutch bank ING INGA.AS said on Tuesday it expected to write off about 300 million euros ($351.9 million) from the value of past acquisitions, as the economic fallout of the coronavirus pandemic had lowered their value.

ING said it would book the impairment, which does not affect its capital ratios, in its second-quarter results, set to be published on Aug 6.

($1=0.8524 euros)

(Reporting by Bart Meijer; Editing by Clarence Fernandez)

((Bart.Meijer@thomsonreuters.com; +31 20 504 5006; Reuters Messaging: bart.meijer@thomsonreuters.com))

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