...Parental Support Drives IDRs: The IDRs and National and Support Ratings of ING Bank A.S. (INGBT) reflect its full ownership by ING Bank N.V. (ING; A+/Negative/F1+/a) and Fitch Ratings' view that there is high probability that INGBT would be supported by its parent if need be. Strategically Important to Parent: Fitch views INGBT as a strategically important subsidiary for ING as Turkey is one of ING's "growth" markets. ING provides financial, capital, managerial and business support as well as expertise to INGBT in various fields such as structured finance, retail savings accounts, trade and cash management products, mobile and internet banking and wealth management. The risk management policies at INGBT are aligned with those of ING. Performance Lags Peers: INGBT's franchise lags that of its peers, with a deposit share of around 1.7% at end-2013. Its net interest margin compares well with peers', due to lower cost of funding. However, its earnings profile is weaker, resulting in lower efficiency...
