Up and at 'em

摘要

Less than a decade ago ing Group, with its orange lion logo, was the epitome of finance rampant. Its banking, insurance and asset-management activities sprawled across the globe. Today, as it emerges early from a state bail-out precipitated by its large portfolio of American mortgages, it is again an example-this time of the sort of institution that new, more demanding prudential rules encourage, ing is now almost entirely a bank, more focused than before on Europe, with total income in 2013 around a third of that in 2007. While rivals such as Commerzbank or Royal Bank of Scotland still struggle to adapt to the new regulatory strictures, ing is ready to roll. It has meant wrenching change, ing promptly repaid €5 billion ($6.3 billion at the time) of the €10 billion the state injected into it in 2008, raising €7.5 billion to do so. Further repayments followed, along with hefty interest and fees. A final €683m in principal is likely to be repaid ahead of schedule this year, assuming the European Central Bank's impending review of big banks' books goes well. The state will have earned a tidy €3.5 billion on its loans, plus €1.4 billion on the €24 billion in American mortgages it took off ing's hands.