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Dutch bank ING Group may consider opening a Saudi office while doubling its Middle East operations in the next 18 months as it focuses on its strategy of financing the energy transition.
Andrew Bester, a management board member and the head of wholesale banking for the Amsterdam-headquartered group, said it is diversifying its geographical coverage to do more business in Saudi Arabia and was “looking into” opening an office in the kingdom.
ING saw wholesale banking income of €7 billion ($7.5 billion) and customer loans of €648 billion and deposits of €650 billion in 2023.
The bank will focus on “industry champions” such as non-bank financial institutions, including sovereign wealth funds, who are driving transition and diversification efforts, he said.
“We see the financing of the transition in various sustainable finance instruments, such as green bonds and loans and sustainability-linked bonds and loans, where we have supported several clients in the region already.”
(Reporting by Imogen Lillywhite; editing by Daniel Luiz)
