ING Belgium under investigation in the investigation into former European Commissioner Reynders

ING Belgium, the Belgian subsidiary of Dutch banking group ING Groep NV, is being investigated as part of an ongoing investigation into money laundering allegations against former European Union commissioner Didier Reynders, who denies the alleged crime, Reuters reports.

"The public prosecutor's office confirms that an investigation has been opened,” a spokesman for the Brussels prosecutor's office said yesterday, confirming information previously published by the French daily Le Soir. He added: "No further comments will be made.”

The investigation will examine ING Belgium's role in managing one of Didier Reynders' bank accounts, into which, according to Le Soir, large sums of cash were deposited between 2008 and 2018.

Asked for comment on the case, ING said: "Due to legal and privacy obligations, we are unable to provide details on this case. ING is strongly committed to combating financial crime and invests significantly in uncovering money laundering practices - this is a priority for the bank. We also work closely with many external stakeholders on a range of banking issues - including financial crime - and actively contribute to ensuring the integrity of the financial system.”

A Belgian national, Didier Reynders has served as his country's Minister of Finance and Minister of Foreign Affairs. He was also European Commissioner for Justice from 2019 to 2024. Reynders, through his lawyer, Andre Renette, has denied the allegations against him.

• ING - profit down

ING announced revenue at the end of July for the second quarter of 2025 totaled 5.7 billion euros, down 0.2% compared to the same period last year. ING, which serves around 40 million customers, reported a net profit of 1.68 billion euros in the April-June period of 2025, down almost 6% compared to the previous year. Despite the decline, the bank's performance was supported by strong growth in lending volumes and fee income.

The bank's CEO, Steven van Rijswijk, said: "In the second quarter of 2025, we continued to successfully implement our strategy, which we set out a year ago, by accelerating growth, increasing impact and delivering value."

ING's net interest income reached 3.53 billion euros, down 7.7% year-on-year, and fee income was 1.12 billion euros, up 12.3%. For the full year, the bank also expects double-digit growth in fee income.

The bank reported a record quarterly increase of 11.3 billion euros - net growth in core loans, with 7.2 billion euros in mortgages and 3.2 billion euros in business banking.

ING has completed the acquisition of a 17.6% stake in Van Lanschot Kempen NV and announced that Chief Financial Officer Tanate Phutrakul will retire in April 2026. The moves reflect ING's ongoing strategy to diversify its revenue streams and improve its financial performance.