When I last wrote about ING Groep (ING), I wrote that “ING shares remain undervalued and could stay that way for while…”, and so it has been. The shares are down another 20% or so since then, with renewed worries about spread compression as ING is looking at negative rates in its swap portfolio, minimal deposit pricing leverage, and softening underlying macroeconomic trends.
I continue to believe ING is a high-quality, well-run bank, and I believe ING’s strategies to gain share in higher-growth markets can help support above-average loan growth. I likewise am