Despite strong denials there is increasing evidence that ING Group — the Dutch multinational banking and financial services corporation — is preparing to shift at least a part of its operations to London.
Reports in the Dutch financial daily, Financieele Dagblad, initially suggested that Frankfurt was also a potential relocation target, but it has now emerged that ING has made an offer to lease all the floorspace available at 8-10 Moorgate.
Known within the City of London as The Banking Hall, it is reported the Dutch financial house — which has also looked at Moorgate Exchange and Finsbury Circus House — will occupy all 130,000sq ft of the refurbished offices within the Stanhope and Mitsui development, acquired from Schroders for almost £31m in November, 2011.
At present ING leases 230,00sq ft of office space at London Wall as its UK headquarters which would, presumably, be merged with the Moorgate operation.
Rumours that ING has been in the market for new office space have rumbled on for nearly six years with the firm’s 2008 search for London offices in excess of 200,000sq ft. Those plans were put on hold because of the worsening financial crisis.
The latest move, however, has been prompted by new government policy towards banking bonuses, which is tougher in The Netherlands than almost any other European country. ING is more internationally orientated than other big Dutch banks and fears its staff will be affected by the tougher stance. New rules on solvency are also having an impact on how the country’s banks are being run.
Financieele Dagbladclaims that “management and supervisory boards” within ING are already working on plans to transfer the bank’s risk management and financial services from their long-term Amsterdam base to London. Several other corporate banking services may also be involved, but the entire head office will not be shifted.
Given the sensitivity of the subject — ING still has to pay back the last of its financial crisis state support — the move is being planned internally without any outside advisors. Staff have also received written warnings about talking to the Press or commenting on rumours.
Officially, ING is saying nothing. A spokesman’s only comment was: “We have no intention whatsoever of shifting our headquarters.”
