ING's Andrey Markov said to join Deutsche for EM credit

ING's Andrey Markov said to join Deutsche for EM credit

ING Group NV has announced that Andrey Markov, the former head of ING’s Emerging Markets (EM) division, has joined Deutsche Bank as the new head of EM credit. The move is seen as a strategic shift for both companies, with Deutsche Bank looking to bolster its EM credit capabilities and ING focusing on other areas of its business.

Markov, who has extensive experience in the EM space, will be responsible for leading Deutsche Bank's EM credit team, overseeing a portfolio that includes a range of loans, bonds, and other financial instruments. His appointment comes at a time when EM debt markets are experiencing increased volatility and geopolitical risks.

ING Group NV, on the other hand, has been focusing on expanding its digital banking capabilities and improving its customer experience. The departure of Markov allows ING to redirect its resources and expertise towards these strategic initiatives.

In other news, Morgan Stanley has upgraded ING from Equalweight to Overweight, raising its price target to EUR25.40 [1]. The upgrade comes despite expectations that net interest income (NII) will remain flat in Q3, as Morgan Stanley anticipates a stronger Q4 exit rate that positions the bank well for 2026. The bank is expected to offset approximately €300 million in headwinds from its replicating portfolio next year through savings rate cuts and continued volume growth, leading to NII growth in 2026 [1].

Meanwhile, Deutsche Bank has warned of an AI investment bubble in tech stocks, noting that AI has driven Big Tech stocks into frothy territory [2]. The bank points to a cycle of overpromises from tech CEOs and venture capital-fueled startup valuations, which have created inflated hopes. While current valuations appear more sober than those at the height of the dot-com bubble, Deutsche Bank flags a significant risk in the economics of AI infrastructure [2].

References:
[1] https://www.investing.com/news/analyst-ratings/ing-stock-rating-upgraded-by-morgan-stanley-on-positive-nii-outlook-93CH-4218559
[2] https://www.indexbox.io/blog/deutsche-bank-warns-of-ai-investment-bubble-in-tech-stocks/