European Banks: Citi European Banks Weekly

研报英文原文证据摘录

European Banks: Citi European Banks Weekly

Roundup |

European Banks

Citi European Banks Weekly 27 Jul 2026 06:18:11 ET

ACWestern Europe Andrew Coombs, CFA

Focus +44-20-7986-4053

Last week, we published our views into Benelux banks which will commence 2Q reporting Simon Nellis

with ING on 30 July, followed by KBC on 6 August and ABN on 12 August. We reconfirm our

+44-20-7986-4012

preference for Dutch banks, with ABN remaining our top pick in the Benelux region. In

particular, we expect a beat here driven by net interest income, with this quarter benefiting Borja Ramirez Segura

from higher EURIBOR 3m, without a significant offset from higher deposit costs in our view. +44-20-7508-0206

Meanwhile, we sit 1-3% above 2026-28E consensus on fees at ING, considering strong

Shrey Srivastava

progress on converting customers to mobile primary customers. Our preference order

+44-20-7986-2608remains as follows: ABN (Buy) > ING (Buy) > KBC (Neutral).

We also published a report on the HSBC sale of HSBC Life Singapore to Allianz for a

consideration of S$2.7bn (US$2.1bn), expected to complete in 1H27. This will drive a pre-tax

gain of US$1.8bn, adding 15bps to CET1R, with HSBC then receiving a further US$0.2bn cash

payment on entering a 15-year distribution agreement with Allianz. For HSBC this is another

step to simplifying the Group, with an immaterial (direct) impact on Group earnings and

seemingly limited impact on the HSBC wealth proposition in the region. Meanwhile Allianz

expects to generate a double-digit return on investment in the mid-term. We reiterate our

Buy rating on HSBC. (HSBC’s Sale of Singapore Insurance Confirmed - Key Points)

We also published a report on potential CABK acquisition of Cetelem Spain reported by

Spanish press (The Objective, 18th July 2026).