Dutch lenders ABN Amro NV and ING Groep NV slid after the parliament’s lower house approved a proposal to increase bank tax to support lower-income households.
(Bloomberg) — Dutch lenders ABN Amro NV and ING Groep NV slid after the parliament’s lower house approved a proposal to increase bank tax to support lower-income households.
ING shares sank 5.5% to €12.43 and ABN Amro lost 4.6% to €13.02 as of 10:26 a.m. in Amsterdam.
The Dutch taxes follow similar measures in Italy, where Prime Minister Giorgia Meloni’s cabinet approved a surprise tax on the “extra profits” of banks this year.
The motion approved by a majority of Dutch lawmakers late Thursday is projected to bring in an additional €350 million and is subject to approval by the senate. Parliament also approved a proposal to tax share buybacks, which will boost the budget by €1.2 billion.
–With assistance from Thyagaraju Adinarayan.
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