ING Gets $13.4 Billion Injection From the Netherlands

ING will scrap this year's final dividend and sell the government non-voting preferred securities that won't dilute existing shareholders and will lift the bank's core Tier 1 capital to about 8 percent, the Amsterdam-based company said today in a statement. The securities pay 8.5 percent annual interest, Dutch Finance Minister Wouter Bos told reporters today.

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ING had Core Tier 1 capital, an indicator of a company's ability to absorb losses, of 6.5 percent as of Sept. 30, it said.