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ING Backs New Defence Bank for Europe
ING is one of five international banks backing a new defence bank that’s being set up to help NATO countries and their allies to finance their defence needs.
ING will provide both financial and technical support to the Defence, Security and Resilience Bank (DSRB). The other financial institutions involved are Commerzbank, JP Morgan, LBBW and RBC Capital Markets.
The creation of the not-for-profit defence bank follows the recent commitment by NATO countries to invest 5% of their GDP in defence. Building on the capital markets expertise of the participating banks, the DSRB will issue AAA-rated bonds for countries to fund their defence production and procurement. It will also support defence modernisation and supply chain resilience across Europe and the Indo-Pacific region.
Defence financing
”We cannot meet today’s security challenges with yesterday’s financial tools,” said Mark Pieter de Boer, ING’s chief commercial officer. “As a big European bank, we support the societies we operate in. Clearly there now is a bigger need for financing of defence activities focused on protecting Europe. The Defence, Security and Resilience Bank is the kind of bold, coordinated initiative we believe Europe and its allies urgently need. ING is proud to support it.”
The initiative is in line with ING’s renewed defence policy to support clients with defence-related transactions that fall within the bank’s environmental and social risk framework.
Financial and technical expertise
The participating banks will help countries to access bond markets and engage investors for their defence needs, as well as provide technical expertise on sovereign lending instruments, capital structuring, risk and liability management and ratings advice.
A detailed plan and draft charter for the new defence bank are being drawn up by the DSRB Development Group, an international team of bankers, lawyers, defence investment specialists and senior defence policy leaders. The initiative is endorsed by the European Parliament and a UK government-led task force. Other banks are expected to join in later phases.
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