The chief executive of ING Group took a government capital injection last month even though he didn’t think he needed one. But the terms that Michel Tilmant managed to negotiate for the Dutch banking and insurance giant were attractive compared with U.K. and U.S. bailouts, and have since become a model for several other European banks and insurers.

Like many financial executives these days, Tilmant has been forced to adjust to a rapidly evolving landscape. Still, he can’t hide his frustration that his company was caught up in the current market chaos. “I am disappointed that equity and credit markets ...