Nomura Global Growth Fund on ING Groep NV
Thesis
ING benefited from favorable banking-sector dynamics in Europe and solid financial results. The fund points to strong fee and commission income, cost discipline and operating leverage as the key company-level drivers. Its broader outlook is also constructive on financials over the longer term because of deregulation and capital-expenditure tailwinds.
“strong fee and commission income along with cost discipline and operating leverage.”