NEW YORK (TheStreet) -- Shares of ING Groep (ING - Get Report) 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.
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