Dutch bank ING issued a surprise profit warning on 28 July, saying the Covid-19 pandemic has forced it to write down the value of some of its past acquisitions by €300m.

ING said it will record the loss as an “impairment on the goodwill on its balance sheet in its second quarter 2020 results”, which are due on 6 August. It added that this charge followed “negative developments in the macro-economic outlook for the relevant business units, in the context of the Covid-19 pandemic”.