In the latest episode of Difference Files, we look at what this shift means for clients and how ING is responding.

Navigating responsible financing

Financing defence isn’t just about numbers. It raises complex societal, ethical and reputational questions.

As Arnaud Stuart Cohen, ING’s head of business ethics, explains in the video, the reality isn’t always clear cut: “What about conflict areas? Today, an area may be fine. Tomorrow, it might be a conflict.”

So what do you do? Finance companies that may deliver into those regions or step back?

At ING, these questions are part of every decision. Each transaction is assessed carefully, looking at factors such as geography, end use and the wider context in which a client operates. Clear policies and risk frameworks guide what ING will and will not finance.

A new reality for defence

Geopolitics is shifting. Demand is growing. Risk is changing. That means the way we approach funding needs to change too.

At the same time, the sector itself is evolving. Innovation is no longer driven only by large, established players. Smaller and mid-sized companies are playing a bigger role.

“Innovation often comes from smaller companies now entering the defence sector,” says Amin Mansour, vice chairman of Wholesale Banking.

These companies often move faster and bring new energy into what used to be a more predictable space. As a result, clients’ needs are changing too.

How ING supports clients

Financing in the defence sector is complex. Projects are large, timelines are long and many companies depend on a single customer, often a government.

Some companies need funding before contracts are fully secured. That creates uncertainty for both clients and lenders.

In some cases, government guarantees help reduce that risk. As Michał Mrożek, head of Central European Wholesale Banking, explains: “The presence of the state is critical in these types of projects, especially when it comes to guaranteeing demand and managing risk.”

ING supports clients across different stages, from early development through to secured contracts, depending on the transaction and its risk profile.

From cautious to considered

ING’s approach to defence financing has evolved. Today, the focus is on taking a considered role within clear frameworks.

That means engaging earlier with clients and looking at risks and opportunities more broadly, across technology, geography and use cases.

Supporting clients also requires close collaboration across ING. Relationship managers, risk teams and senior leadership work together to assess transactions and provide consistent support.

The ING Difference:

  • Sector expertise across different stages of development
  • A global network that connects teams and insights
  • Clear frameworks that guide responsible financing

Defence is changing fast. ING is evolving with it, supporting clients with clarity, consistency and careful decision making.

That’s the ING Difference.