Istanbull

ING’s E2bn purchase of Turkey’s Oyakbank misses the point. It’s easy to see why the Dutch bancassurer wants to polish up its growth profile by getting into a sexy emerging market. Some of the group’s traditional growth engines, like the ING Direct internet bank and US life insurance, have stalled. But ING might deliver more value by breaking, rather than bulking, up. Oyak is hardly a knockout deal. ING is paying richly for the bank. At 3.3 times book, it’s forking out nearly the same multiple a...