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BREAKING NEWS

Dutch bank rallies after government cash boost

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Dutch bank rallies after government cash boost

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The Netherlands’ biggest listed bank has bounced back on the stock exchange, after the government agreed a 10 billion euro cash injection.

Shares in ING recovered much of their hefty losses from the previous session, gaining more than 20 percent in early trading today in Amsterdam.

ING has become the latest European bank to seek government help to shore up its core capital and restore investor confidence. Two weeks ago, its rival Fortis was partially nationalised.

At a news conference on Sunday, details were unveiled of the deal struck between ING, the finance ministry and the Dutch central bank.

Sweden, meanwhile, has become the latest country to fund a stability package to support its financial institutions.