ING Groep CEO Steven van Rijswijk said the bank's defense loan book could double in the next couple of years, a sign of how Europe's push to rearm is reverberating across sectors. "We want to stay diversified, but for now there is ample opportunity," he said in an interview. The remarks followed ING's decision to raise its top-line and profitability guidance for this year and next.

The Dutch bank changed its policy last year, agreeing to meet the industry's funding needs provided they support Europe's resilience. The policy still prevents funding controversial weapons and requires careful screening. Since then, the defense loan book has grown from almost nil to more than 2 billion euros ($2.29 billion) across the European defense value chain. While still a small fraction of ING's total portfolio of more than 750 billion euros, Van Rijswijk said defense is a focus area.

Executives at Deutsche Bank and Commerzbank have also pointed to growth opportunities from Europe's efforts to rebuild its arms industry, which is hungry for funding amid rising defense budgets. ING's CEO noted demand comes not only from weapons manufacturers but also from drone companies, cybersecurity technology providers, and their supply chains.