This agreement enables ING Luxembourg to help local companies further in their international development and more particularly small and medium-sized enterprises (SMEs) that want to increase their export capacity.

This cooperation now allows ING to obtain coverage for part of the credit risk of the bank guarantees it issues. This will enable the client to tie up less cash in the guarantee and therefore free it up for other purposes.

Commenting on the signing of this first agreement between ING and the ODL, Luc Verbeken, CEO ING Luxembourg declared: "ING is very proud to have signed this agreement with the ODL, which is a further step in our desire to help local companies develop internationally. It is perfectly in line with our determination to support local companies and more particularly SMEs, which are key actors in the development of the Luxembourg economy."