ING Belgium paid €720 million dividend to parent company in 2017
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    ING Belgium paid €720 million dividend to parent company in 2017

    © Belga
    The Belgian subsidiary had suspended the cash transfer to Amsterdam when a massive restructuring was announced in 2016.
    © Belga

    ING Belgium has paid back a dividend of €720 million to its Dutch parent company in June 2017, on a net profit of €739 million. L’Echo is reporting the story on Tuesday. The Belgian subsidiary had suspended the cash transfer to Amsterdam during the announcement of a massive restructuring in 2016.

    The Belgian bank had paid its Dutch owner €1.7 billion in 2013, then €1.2 billion in 2014, and lastly €1.7 billion in 2015. In 2016, the subsidiary had interrupted the payment of dividends to the Netherlands, when a restructuring had been announced, leading to the axe of 3,000 jobs by 2021.

    L’Echo said ING Belgium did not wish to confirm the total dividend paid in 2017, saying it is awaiting the publication of its annual report. However the bank claims that the amount relates to the 2015 results and that the payment had been postponed.

    Christopher Vincent
    The Brussels Times