Ing bank netherlands

10 October 2019 ... min read ING announced today that it has joined a taskforce to promote the development and acceptance of AI technology in the Netherlands. The bank has joined forces with Ahold Delhaize, KLM, NS and Philips to form Kickstart AI. In doing so, it hopes to bridge the AI gap between the Netherlands and countries, like the UK, US and China, that have made notable progress in this area. “AI brings tremendous opportunities in making banking more personal, easier and empowering for customers.” - Görkem Köseoğlu, ING chief analytics officer. The taskforce also hopes to prevent the ‘brain drain’ of highly skilled AI professionals from the Netherlands to other countries. Joint appointments and national course Other features of the initiative include ING co-funding five AI academic positions in conjunction with Dutch universities, and the taskforce promoting a national course for AI to increase the understanding and adoption of AI. The bank’s chief analytics officer Görkem Köseoğlu said AI technology has a fundamental impact on all sectors, and as companies increase their AI investment, availability of talent and access to data become critical. “For the competitiveness for Dutch companies and the Dutch education system, we are joining forces with four other large Dutch companies to not only to work on supporting universities, start-ups and SME’s, but also to help raise awareness with the Dutch public about the opportunities and risks of AI.”The announcement of Kickstart AI was made at the World AI Summit in Zaandam, the Netherlands by the taskforce. Addressing societal issues Kickstart AI will also undertake a series of ‘superchallenge’ initiatives that aim to address societal issues, such as health or mobility. Görkem said ING was constantly looking for ways to use new technology for the benefit of customers and to make banking safer.“AI brings tremendous opportunities in making banking more personal, easier and empowering for customers. We also use AI to better monitor financial transactions and protect the health of the financial system,” he said.ING currently employs dozens of data scientists and data engineers to continuously look for new ways to improve its business.Aside from

Science). At the same time, Milieudefensie targets all types of GHGs covered by the Paris Agreement (including methane and nitrous oxide) to reflect the diverse range of sectors that ING invests in, e.g. fertiliser and agriculture. One of the main complaints in the notice is that ING is currently not setting any GHG emissions reduction target for a large part of its emissions, including especially the 'scope 3' of financed emissions. In addition, the bank does not report on them, despite new accounting commitments under the Partnership for Carbon Accounting Financials (PCAF). According to Milieudefensie, the scope of ING’s financed emissions may be four to five times larger than its currently reported emissions. If so, that would imply that ‘the emissions over which ING has control are considerably greater than the emissions of all of the Netherlands’.In relation to ING’s emissions resulting from ‘financing policies and services’ (e.g. loans, direct investments, asset management for third parties and financial instruments), Milieudefensie demands that ING Bank takes certain specific ‘appropriate’ (due diligence) measures to counter the negative climate impact of its ‘large corporate clients’. Such corporations entail those which would be expected to publish a climate plan based on the 2023 OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. Specifically, Milieudefensie asks ING to: (a) require a good climate plan from all its large corporate clients; (b) stop financing and supporting large corporate clients who do not have a good climate plan within a year; (c) use its leverage to require

Amsterdam, Today ING and certain board members were served with a writ of summons for litigation in The Netherlands on behalf of investors who claim to have suffered financial losses in connection with ING’s disclosures on historic shortcomings in its financial economic crime policies, related risk management and control systems, the investigation by and settlement with the Dutch authorities in 2018 and related risks for ING. Over the past years we have disclosed that we have become aware that certain parties might, among other things, seek to commence legal proceedings against ING in connection with the subject matter of the settlement.We do not agree with the allegations and will defend ourselves against these and the claimed damages of around €500 million. We follow IFRS rules for taking legal provisions and would disclose material amounts in that regard if and when applicable – which currently is not the case. Other than that, we have no further comment at this moment. Note for editors More on investor information, go to the investor relations section on this site. For news updates, go to the newsroom on this site or via X (@ING_news feed). For ING photos such as board members, buildings, go to Flickr. ING profile ING is a global financial institution with a strong European base, offering banking services through its operatingcompany ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York StockExchange (ADRs: ING US, ING.N).Sustainability is an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks. ING'sEnvironmental, Social and Governance (ESG) rating by MSCI was affirmed 'AA' in July 2023. As of December 2023,Sustainalytics considers ING’s management of ESG material risk to be ‘strong’. ING Group shares are also included in major sustainability and ESG index products of leading providers Euronext, STOXX, Morningstar and FTSE Russell. Important legal information Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2022 ING Group consolidated annual accounts. The financial statements for 2023 are in progress and may be subject to adjustments from subsequent events. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and

Summary: On January 19, 2024, environmental NGO Milieudefensie (Friends of the Earth Netherlands) issued a notice of liability to the Dutch bank ING, citing the commission of an ‘unlawful act’ due to violation of the legal societal duty of care under Article 6:162 of the Dutch Civil Code as a result of insufficient climate action. The notice followed a warning issued by Milieudefensie last year, to 29 Dutch incorporated companies after it successfully won a case against fossil fuel company Shell in the District Court in 2021. According to Milieudefensie, ING is a Global Systemically Important Bank (GSIB) that visibly knew about the dangers of climate change since 2007, and has been warned by Milieudefensie for a period of over 15 years about the deficiency of its climate policy. The case largely follows the same legal strategy as Milieudefensie’s climate case against Shell, although with important adaptations to the banking sector, and in response to new insights from climate science. For example, the notice argues that ING’s climate policy be brought in accordance with the aim of keeping global warming below 1.5⁰C by reducing its ‘absolute quantity of scope 1, 2 and 3 GHG emissions by at least 48% CO₂, and at least 43% of CO₂ equivalent in 2030’, as compared to 2019. Scope 3 emissions refer to the emissions ‘in the bank’s value chain’, including its ‘financed emissions’. The target of 48% CO2 is slightly higher compared to the Shell-case (45%) (because it reflects the most up to date

Fossil fuel clients to stop fossil fuel expansion and draw up a good phase-out plan; (d) cease new financing and support for fossil fuel clients who continue with fossil expansion or do not have a good phase-out plan; (d) cease all financing and support for fossil clients who continue with fossil fuel expansion after one year or do not have a good phase-out plan. According to Milieudefensie, ING provided almost 5 billion euros in new loans to fossil fuel companies just in 2022, of which over 1 billion euros to 100 companies most actively expanding their activities. Finally, ING must enter into discussions with Milieudefensie to arrive at a proper implementation of the above-mentioned measures. In terms of legal argumentation, the case builds on the Shell-case, that was decided based on Article 6:162 of the Dutch Civil Code. This provision and its related case-law gives rise to a ‘societal duty of care’, breach of which amounts to an ‘unlawful act’ that can lead to an injunction and/or attract a private actor’s liability. Similar to the Shell-case, and other well-established case-law in the Netherlands, the content of this duty of care can be determined on the basis of relevant facts and circumstances reflecting well-accepted contemporary societal understandings of harm and endangerment, including violations of human rights. In this case, Milieudefensie points out that ING Bank itself underwrites through reporting and communication, that ‘climate change violates human rights’ and endorses key international business and human rights initiatives such as the UN Guiding