ING sold it's online banking business to Capital One for about $9 billion. Last fall it sold another division for, what was it,,, $5 billion? Now it is in talks to sell an insurance division for $6-7 billion.
Add all that up and it almost equals the current market cap! Why isn't this stock trending much higher?
Because the current price has nothing to do with reasonable metrics and normal bank valuation.
This is not only ING specific: all EU banks, EU bank index, etc. are priced like they are to extinction soon.
ING's only brutal and specific problem still remains untuched: ***management quality is below par***
so, the many-times-failed and ambition-lost J.H. and his lieu-tenants must be fired first to start an operating plus risk management recovery to stop quarterly A-Billion-Euros skeletons dropping of of the closet, and then a share-price recovey.
In any US bank, those guys would not pass an entry-level banking test at HR's yearly junior banker selection; What about a class-action lawsuit against them?