Cramer's 'Mad Money' Recap: ING Dutch Buoy

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ING (ING Quote) is the Google of banks, Jim Cramer said Friday on his "Mad Money" TV show.

The Dutch financial services company Thursday reported strong earnings growth fueled, in large part, by "phenomenal" growth in its Internet banking division, said Cramer.

He believes Wall Street isn't yet fully appreciating the growth in ING's Internet banking business because it is still a small part of the whole company. But, it's getting bigger, he said.

Cramer believes ING's stock is headed higher, in part because analysts' forecasts, which are based on ING management's conservative guidance, are too low, he said. Cramer believes ING is headed for $37. The stock ended the regular trading session Friday at $31.55.

In response to a question about whether rising interest rates might hurt ING, Cramer said he believes interest rates are almost done going up. The environment is perfect for ING, he said.

Commenting on competitor, American International Group (AIG Quote), which announced a restatement this week, Cramer said that accounting irregularities normally mean it's time to sell. But, in this case, AIG is a buy "if not a triple buy," he said.

The reason is the accounting problems occurred under AIG's previous management. What's more, the restatement actually resulted in a gain, not a loss, he said. Finally, AIG has made positive changes whereas it used to be one of the most opaque and secretive companies, it is now one of the most transparent, he said.