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    ING Belgium remains Flemish Government’s financial arm

    ING Belgium was fined by Belgium's central bank for failing to oversee "suspicious activity" in a Russian-owned account. Credit: © Belga

    ING Belgium will remain the Flemish Government’s financial arm until early 2024, the bank announced on Thursday.

    Its remit will include transactions of the Flemish ministries and dozens of agencies such as De Lijn public transport service and Sport Vlaanderen, VRT and VDAB, the region’s sport, radio/TV and employment services respectively.

    In 2011, ING had won the contract from Belfius (the former Dexia Bank) and the KBC.

    The new contract was awarded on the basis of a public tender launched earlier this year. It is to be signed officially in early 2020 and will be valid from 1 February 2020 to 31 January 2024. The contract can be renewed twice for two-year periods.

    In addition to government transactions, ING also offers bank guarantees, for example.

    “The ING bid offers many benefits for the Flemish Government,” Flemish Finance Minister Lydia Peeters said. “It offers a credit line of 3.75 billion euros, which creates flexibility in treasury management and helps to maintain Flanders’ favourable rating.”

    ING Belgium CEO Erik Van Den Eynden said he was proud of the “good cooperation with the Flemish Government.”

    Oscar Schneider
    The Brussels Times