ING is considering moving some of its operations to London or Frankfurt, the Financieele Dagblad reports on Monday.

In concrete terms, the management and supervisory boards are considering moving risk management and finance from Amsterdam, the paper says.

Several corporate banking services may also be involved but the entire head office will not be shifted. The paper says it bases its claim on multiple sources.

Internal

Given the sensitivity of the subject – ING still has to pay back the last of its state support – the move is being planned internally without any outside advisors, the FD says.

The move has been prompted by the new Dutch policy towards banking bonuses, which is tougher than other European countries. ING is more internationally orientated than the other big Dutch banks and most affected by the tougher Dutch line. In addition, new Dutch rules on bank solvency are also having an impact.

European banking union will also reduce the balance of power from the Dutch to the European central bank, which is based in Frankfurt. Germany is also a strong growth market for ING.

ING said in a statement it is not currently working on a study about moving parts of its headquarters. ‘We have no intention whatsoever of shifting our headquarters,’ a spokesman said.