NEW YORK (TheStreet) -- Shares of ING Groep (ING) are down -1.08% to $13.74 after it was reported that the bank plans to borrow funds in the European Central Bank's first auction of cheap cash designed to boost loans to companies and individuals, Bloomberg reports.
ING hasn't decided how much it will apply for, CEO Ralph Hamers said today at a press conference in Istanbul, adding the bank is seeking to expand in the small and medium-sized business segment.
The loans, known as targeted longer-term refinancing operations, or TLTROs, are part of a historic package of ECB measures to expand credit to businesses and households and revive growth, Bloomberg noted.
Must Read: 50 Stocks Hedge Funds Love
STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. ING data by YCharts EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts