ING Group (Dutch: ING Groep) is a Dutch multinational banking and
financial services corporation headquartered in Amsterdam. Its primary
businesses are retail banking, direct banking, commercial banking,
investment banking, asset management, and insurance services. ING is
an abbreviation for Internationale Nederlanden Groep (English:
The orange lion on ING's logo alludes to the Group's Dutch origins
under the House of Orange-Nassau. ING is the Dutch member of the
Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent
European banks. ING
Bank was included in a list of global
systemically important banks in 2012.
According to the
Fortune Global 500 in 2012, ING was the world's
largest banking/financial services and insurance conglomerate by
revenue with gross receipts exceeding $150 billion per annum; overall,
it was the 18th largest corporation by revenue. As of 2013, ING
served over 48 million individual and institutional clients in more
than 40 countries, with a worldwide workforce exceeding 75,000. The
company is a component of the
Euro Stoxx 50 stock market index.
1.3 Merger of banking and insurance
1.4 Further acquisitions
1.5 Overseas expansion
1.6 Capital injection and divestiture
2 Global operations
3 Global headquarters
4 Recent notable transactions
Latin American divestment
4.2 Capital injection and repayment
4.3 2012 Settlement with US Treasury Department
4.4 ING US IPO and re-brand
5.1 Retail banking
5.2 Shareholdings in other banks
5.3 Direct Banking
5.3.1 ING Australia
5.3.3 ING Direct France
5.4 Wholesale Banking
5.4.1 Corporate finance
5.5.1 ING Australia
5.6 ING Investment Management
6 Former Divisions
6.1 ING Direct Canada
6.2 ING Direct United Kingdom
6.3 ING Direct United States
8 See also
10 External links
ING Group traces its roots to two major insurance companies in the
Netherlands and the banking services of the Dutch government.
In 1845 the fire insurance company the Assurantie Maatschappij tegen
Brandschade de Nederlanden van 1845 ("Fire
Insurance Company of the
Netherlands of 1845") was founded. It grew to be the leading Dutch
insurance company with branches outside the
Netherlands (139 the world
over by 1900). It later changed its name to "De Nederlanden van 1845".
Two decades later, in 1863, the life insurance company Nationale
Bank ("National Life
Insurance Bank") was founded
in Rotterdam. These two insurance companies made multiple
acquisitions, and in 1963 merged to form the Nationale-Nederlanden
Nationale-Nederlanden expanded significantly during
the 1970s and 1980s.
Bank in Nieuw-Vennep, the Netherlands
In 1881, the Dutch government created the Rijkspostspaarbank, a postal
savings system to encourage workers to start saving. Four decades
later they added the Postcheque and Girodienst services allowing
working families to make payments via post offices. Separately in
1927, the Dutch government initiated a re-organisation of Dutch banks
which resulted in the creation of the Nederlandsche Middenstands Bank
(NMB). NMB's focus was retail banking in the
Netherlands and abroad.
In 1986, post office banking services were privatised as Postbank N.V.
and three years later it would merge with NMB bank to form NMB
Merger of banking and insurance
In 1991, the banking business of NMB Postbank Groep and the insurance
Nationale-Nederlanden were merged to create ING Group,
after changes in regulation that allowed banks and insurance
businesses to work together.
ING Group was founded, it has made several acquisitions:
Equitable of Iowa
Bank Mendes Gans
Bank Brussels Lambert
Canadian Group Underwriters
Seguros Comercial América
Allianc of Canada
ING Group expanded its international business through a number of
acquisitions through the 1990s including Belgian bank Banque Bruxelles
Lambert (BBL) in 1998, US-based insurance company Equitable of Iowa
and the commercial bank Furman Selz. It also acquired Frankfurt based
BHF-Bank in 1999, although disposed of this later. It increased its
Latin American and Asia Pacific's insurance businesses with the
ReliaStar and Aetna's Financial Services unit. It also
acquired the Polish
Bank Śląski and Mexican insurance company
Seguros Comercial América.
However, it was the 1995 purchase of
Barings Bank after its dramatic
failure that saw ING Group's investment banking business boosted
Expanding its retail banking business overseas, rather than create a
branch network, it used the direct banking business model it had
developed with NMB Postbank to launch an overseas direct banking
businesses called ING Direct. The first of these was set up in Canada
in 1997, and was soon followed in a number of other countries
including the US, UK, Germany, France and Australia. The no frills,
high rate savings accounts that could only be accessed online were a
successful venture and spawned a number of similar services from rival
Capital injection and divestiture
In 2008, as part of the late-2000s financial crisis ING Group,
together with many other major banks in the Netherlands, took a
capital injection from the Dutch Government. This support increased
ING's capital ratio above 8%, however as a condition of Dutch state
aid, the EU demanded a number of changes to the company structure.
This resulted in the sale of a number of businesses around the world,
which included insurance businesses in Latin America, Asia, Canada,
Australia and New Zealand and the ING Direct unit in the US, Canada
and the UK. This included the sale of the ING Direct US operations
Capital One and the ING Direct UK operations to
Barclays bank in
2012. The spun-off insurance businesses in North America were
Voya Financial in 2014.
In November 2003, ING Groep N.V. appointed Michel Tilmant,
Chairman of the executive board, as its new chairman and
successor to Ewald Kist.
ING has offices in:
Due to the separation of
ING Group into ING
Bank and ING Insurance,
the new head office of ING
ING Group is in the Amsterdamse
Poort building as of September 2012.
ING House is the former
ING Group headquarters (2002–2012) and NN
Group head office (2012–2014)
ING House was the head office of
NN Group and located in the business
Zuidas in Amsterdam,
Netherlands from 2012 to 2014. It
was designed by Roberto Meyer and Jeroen van Schooten (Meyer en Van
Schooten (nl)) and was officially opened on 16 September 2002 by
then Prince Willem-Alexander of the Netherlands. The light-infused
building features a 250-seat auditorium, foyer, restaurants, library
and an extensive art collection.
Recent notable transactions
Latin American divestment
In July 2011, ING divested all its
Latin American insurance operations
to the Colombian insurance company
Grupo Sura for
US$3.85 billion, excluding ING's 36 percent holding in Brazilian
SulAmérica Seguros which will be sold at a later date.
SulAmérica Seguros officially started operating the ING Investment
Management, Wealth Management, Retire Funds and Pension businesses in
Latin America (Chile, Colombia, Mexico, Peru and Uruguay) on February
13, 2012. ING Commercial
Bank will keep its operations in Mexico.
The actions are in line with EU demands to split the Group's banking
and insurance operations as a condition of Dutch state aid (see
Capital injection and repayment
In October 2008, in a move to increase its core
Tier 1 capital ratio
ING Group accepted a capital injection plan from the Dutch
Government. The plan supplied €10 billion
(US$13.5 billion) to the operation, in exchange for securities
and veto rights on major operational changes and investments. The
European Commission also required ING to divest itself of its
insurance and investment management operations by the end of 2013 as a
condition of approving the state aid.
Wouter Bos, the Dutch Finance Minister at the time, said the Dutch
government's investment was done as a means of fortifying the bank to
weather the financial crisis. Management stated that the capital
injection shall have no 'dilutive' impact to existing shareholders. As
part of the agreement, two government advisers were appointed to the
Supervisory Board of the Group.
In December 2009, ING raised €7.3 billion through share issues,
and repurchased securities representing half of the €10 billion
in state aid. It repurchased another €2 billion in May 2011 (at
a 50% premium), and looked to complete the repayments by May 2012.
However, in January 2012 it cited eurozone conditions in putting the
repayment timetable as 2012-2013 for the remaining €3 billion.
The final tranche of EUR 1.025 billion was paid on 7 November 2014,
half a year ahead of the repayment schedule as agreed with the
European Commission in 2012.
2012 Settlement with US Treasury Department
On 12 June 2012, the US Department of the Treasury's Office of Foreign
Assets Control announced a $619 million settlement with ING Bank
N.V. to settle potential liability for conspiring to violate the
International Emergency Economic Powers Act
International Emergency Economic Powers Act (IEEPA) and the Trading
with the Enemy Act (TWEA) and for violating New York state laws by
illegally moving billions of dollars through the U.S. financial system
on behalf of sanctioned Cuban and Iranian entities. ING Bank's
settlement with OFAC is simultaneous with settlements with the US
Attorney's Office for the District of Columbia, the Department of
Justice's National Security Division, the Department of Justice's
Asset Forfeiture and Money Laundering Section and the New York County
District Attorney's Office.
Under the settlement agreement, ING
Bank is required to conduct a
review of, and to submit a report to OFAC regarding, its policies and
procedures and their implementation, taking an appropriate
risk-focused sampling of US dollar payments to ensure that its OFAC
compliance program is functioning effectively to detect, correct, and
report any OFAC-sanctioned transactions that might occur.
Beginning in the 1990s, at the instruction of senior bank management,
Bank employees in Curaçao began processing payments for ING
Bank's Cuban banking operations through its branch in Curaçao on
behalf of Cuban customers without reference to the payments' origin.
The practice of removing and omitting such information was used by
other branches of ING Bank's Wholesale Banking Division, including in
France, Belgium, and the Netherlands, in processing US dollar payments
and trade finance transactions through the United States. In addition,
ING Bank's senior management in France authorised, advised in the
creation of, and ultimately provided fraudulent endorsement stamps for
use by Cuban financial institutions in processing travelers check
transactions, which disguised the involvement of Cuban banks in these
transactions when they were processed through the United States. ING
Bank's Trade and Commodity Finance business at its Wholesale Banking
branch in the
Netherlands routed payments made on behalf of
US-sanctioned Cuban clients through other corporate clients to obscure
the sanctioned clients' identities and its Romanian branch omitted
details from a letter of credit involving a US financial institution
to finance the exportation of US-origin goods to Iran.[citation
Other notable activities:
In 2004, ING Groep sold CenE Bankiers, which had previously been part
of NMB, to F.
Van Lanschot Bankiers.
On 25 March 2005, the company announced the acquisition of a 19.9%
stake in the
Bank of Beijing
Bank of Beijing and the deal was worth about 1.7 billion
yuan, or $200 million.
In January 2013, ING announced it had sold its 26% stake in India's
Insurance to joint partner Exide Industries.
In January 2016, ING Groep NV’s banking unit invested in a leading
Chinese fintech player, WeLab. This contributed to the second
largest Series B fundraising in fintech globally.
ING US IPO and re-brand
ING U.S. was spun off in an initial public offering ahead of
its planned rebranding as Voya Financial. As of 2014,
ING Group is no
longer the controlling shareholder of its former subsidiary, owning
47% of its shares.
Separate to ING Direct businesses, ING offers retail banking services
in Germany, the Netherlands, Belgium, Luxembourg, Poland, Romania,
Czech Republic, Turkey, Thailand,
China and Australia. Non-retail
private banking services are offered in the Netherlands, Belgium,
Luxembourg, Switzerland and various countries in Asia and Central
In the Netherlands, ING is the largest retail bank by market share,
holding 40% of current account deposits, and by total assets.
ING is followed by
ABN AMRO (20%), and others (10%).
Shareholdings in other banks
ING has a 17% stake in the
Bank of Beijing, the largest urban
commercial bank in China.
In Thailand, ING has a 30% stake in TMB Bank, a universal banking
platform with a nationwide network. In 2013 ING announced intent
to sell its stake in TMB bank.
ING offers branchless banking with operations in Australia, France,
Italy, Spain, Germany and Austria. It offers services over the
counter, web, phone, ATM or by mail. The service concentrates on
simple interest-bearing savings accounts for retail customers. ING
Italy is currently opening its own "bank shops" in the major
towns, where customers can operate services on usual web channels,
assisted or not by branch operators, and use advanced teller machines
for cash and check transactions.
Main article: ING Australia
Australia was established in 1999 and is headquartered in Sydney,
offering banking online and via telephone. Its products in Australia
include transaction accounts, savings accounts, credit card, business
accounts, term deposits, home loans and superannuation.
Company operations are regulated by the Australian Prudential
Regulation Authority and the Australian Securities and Investments
Commission, Federal Government regulators. ING is a division of ING
Bank (Australia) Limited.
ING bought 49% of Allgemeine Deutsche
Direktbank AG in 1998, which as
of 1989 traded as DiBa. It acquired a further 21% of the company in
2002 and the remainder by 2003. By 2007 the company was trading under
its current name, ING-DiBa. In 2015 the company had around 8.5 million
customers and around 4000 employees.
ING Direct France
Founded in 2000, ING Direct France has around a million customers. It
started offering current accounts in 2009 and home loans in 2015.
ING Wholesale Banking,
ING Wholesale Banking provides banking and financial services to
corporations and other institutions. Boasting a huge network, the
primary geographic focus of the wholesale banking business is the
Netherlands, Belgium, Poland and Romania, where it offers a full range
of products, from cash management to corporate finance. Elsewhere, it
takes a more selective approach to clients and products.
ING Wholesale Banking was strengthened in 1995, when ING took over
Barings Bank. This acquisition increased the brand recognition of ING
around the world and strengthened its Wholesale Banking presence in
the emerging markets. Following the acquisition and up until 2004,
ING's investment banking division was called ING Barings, at which
point it severed its ties with the Barings name and combined with
ING's other wholesale banking operations. However, the top floor of
London office is still home to the famous Baring art
collection, and the Baring Foundation, a charitable
Wholesale Banking is divided into a number of sub-divisions, including
Structured Finance, Financial Markets, Transaction Services and
Corporate Finance. ING Wholesale Banking is the new name for ING
Commercial Banking as of January 20, 2016. The new name better
reflects the large corporate and institutional, international offering
that makes up the vast majority of ING WB's business.
ING's Corporate Finance department advises businesses on important
corporate transactions, including mergers and acquisitions, initial
public offerings, secondary offerings, share buy-backs and management
buy-outs. The division is headed jointly by Maurits Duynstee (Head of
Corporate Finance, Continental Western Europe) and Pierre Chabrelie
(Head of Corporate Finance, UK and CEE).
ING Corporate Finance has a strong presence in
Russia and Central and
Eastern Europe.
ING's insurance business operates throughout America, Asia and Europe.
In 2009, ING announced plans to separate its insurance business from
its main banking operations through two IPO's, one for
Europe and Asia
and another one for the US. The EuroAsia IPO has been delayed while
the US IPO is supposed to be completed by the end of 2012. Analysts
estimate that the insurance arm is worth up to €16 billion.
As of February 2009, ING
Canada (the insurance arm) is no longer a
subsidiary of ING Group. ING Group's 70% equity interest was spun off
for US$2.2 billion. The company (which has an 11% share of
Canada's property and casualty insurance market) was then renamed
Intact Financial Corporation in May 2009.
ING Group continued to
Bank of Canada, also known as ING Direct Canada.
ING sold its Malaysian insurance business to American International
Assurance in October 2012 for a total of €1.3 billion.
Main article: ING Australia
Australia was purchased by ANZ in 2009, and rebranded as
"OnePath" in 2010. ING
Australia remains a subsidiary of ING
ING Investment Management
ING Investment Management is the principal asset manager of the Group
and a leading global asset manager. Against the background of the
Group realizing its global ambitions, ING Investment Management has
also expanded across borders. Today, it is active in 33 countries,
including some of the world's fastest-growing economies, such as
Brazil and many Eastern European nations. ING Investment
Management operates along regional lines with centers of expertise in
Europe, the Americas and Asia-Pacific.
ING Investment Management provides a comprehensive range of investment
solutions and services to clients and partners. It manages assets for
institutional clients, fund distributors and ING labels, with
approximately €326 billion in AUM. Over 3,200 professionals
manage client funds globally.
In June 2014, ING announced the IPO of its investment management arm
as part of a wider corporate restructuring. The business are to be
NN Group and subsequently floated. The IPO was priced
on 1 July 2015. ING Investment Management was subsequently
rebranded as NN Investment Partners.
ING Direct Canada
See also: Tangerine Bank
ING's history in
Canada dates back to 1997 when it founded ING Direct
Canada, the first ING Direct operation in the world. As of July
2011, ING Direct
Canada had over 1.7 million clients, employed over
900 people and had over US$37.6 billion in assets. ING Direct Canada
operated five 'Save Your Money Cafés' (branches) in the major cities
of Toronto, Montréal, Calgary and Vancouver.
Its products included savings accounts, tax-free savings accounts
(TFSAs), mortgages, retirement savings plans (RSPs), guaranteed
investments (GICs), mutual funds, business accounts and a no-fee daily
checking accounts. They were known for using a referral program as
part of their advertising, allowing members to refer friends whereby
both the referrer and referee receive a cash bonus.
On 29 August 2012,
Scotiabank announced the acquisition of ING Direct
Canada for $3.13 billion. The sale was completed on November 15,
2012. In November 2013,
Scotiabank announced the rebranding of ING
Canada as Tangerine with the rebranding taking effect on April
ING Direct United Kingdom
ING Direct began operations in the UK in May 2003 and had over one
million customers by 2009. Operations were based in Reading, where the
company head office was situated as well as an office based in
Cardiff. The bank marketed itself as offering good customer service
and high interest rates, which were usually higher than its high
street competitors, but not always top of comparison tables. The
bank has picked up awards for its customer services and mortgage
product in 2008 and 2009.
On 8 October 2008, ING purchased the savings accounts of collapsed
Icelandic bank, Kaupthing Singer & Friedlander, the UK Treasury
Banking (Special Provisions) Act 2008
Banking (Special Provisions) Act 2008 to transfer the
Kaupthing Edge deposit business to ING Direct. Through this, ING
Direct took over responsibility for £2.5 billion of deposits of
160,000 UK customers with the Icelandic bank Kaupthing Edge. Some
customers were dissatisfied after ING lowered the exceptional high
rate the collapsed Kaupthing was previously paying.
ING Direct products in the UK included Savings Accounts, Cash ISAs,
Mortgages and Home insurance.
ING announced a plan to exit the UK in August 2012, as it sought to
raise funds to repay the Dutch government. On 9 October 2012 Barclays
announced that it had agreed to buy ING Direct UK, taking on its
£10.9bn deposits and £5.6bn mortgage book. ING said it would incur a
€320m (£260m; $415m) after-tax loss on the sale, which would
involve the transfer of 750 ING Direct staff and 1.5 million
ING Direct United States
Capital One 360
Insurance at night in
Minneapolis, Minnesota in the United
ING launched a
United States version of ING Direct savings bank in
2000, with headquarters in Wilmington, Delaware. ING Direct was a
member of the Federal Deposit
Insurance Corporation (FDIC).
In September 2007, ING Direct acquired 104,000 customers and FDIC
insured assets from the failed virtual bank NetBank. Two months
later, ING Direct acquired online stock broker Sharebuilder.
In June 2011,
Capital One purchased ING Direct USA from ING for
US$9 billion (€6.3 billion). The sale was completed on 16
June 2011. Between November 2012 and February 2013 ING Direct's
U.S. operations were rebranded
Capital One 360.
ING New York City Marathon
ING sponsors sporting events and artistic exhibitions throughout the
For several years, ING was the title sponsor of marathons including
the New York City Marathon, the Miami Marathon, the Georgia Marathon,
Luxembourg Marathon, the Hartford Marathon, the Philadelphia
Distance Run and San Francisco's Bay to Breakers.
ING is a major global sponsor of football (soccer), sponsoring the
Royal Dutch Football Association, Royal Belgian Football Association
Asian Football Confederation
Asian Football Confederation (AFC).
ING was the title sponsor of the Renault Formula One team from the
2007 season to the 2009 season. It was the title sponsor of the
Australian Grand Prix
Australian Grand Prix and Belgian Grand Prix, the Hungarian Grand
Prix, and the Turkish Grand Prix. ING ended its sponsorship of Renault
in part due to a reduction in advertising spending and in part due to
controversy surrounding the Renault Formula One team.
ING's sponsorships in the arts include the Dutch National Museum in
Amsterdam (the Rijksmuseum), the New York Museum of Modern Art, and
the Royal Concertgebouw Orchestra. ING owns and houses proprietary art
collections in Belgium, Mexico, the Netherlands, Poland and the United
ING sponsored the
Amsterdam Gay Pride of 2008.
ING is a strategic industry partner with Duisenberg school of
finance. ING provides a series of internships and assists with
student loans to the accepted students. Also, in-house events are
Duisenberg school of finance
Duisenberg school of finance students to give better
insight on the financial industry.
European Financial Services Roundtable
Inter-Alpha Group of Banks
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Bank für Tirol und Vorarlberg AG
Bank International AG
Raiffeisenlandesbank Oberösterreich AG
Raiffeisen-Landesbank Tirol AG
Bank und Sparkassen AG
Bank van De Post
Bank of Cyprus
Arbejdernes Landsbank A/S
Spar Nord Bank
Bank of Åland PLC
Banque Michel Inchauspé - BAMI
BNP Paribas SA
BRED Banque Populaire
Crédit Agricole SA
Crédit du Nord
Crédit Mutuel Arkéa
Credit Mutuel CIC Banque
La Banque postale
Deutsche Bank AG
Hamburger Sparkasse AG
J.P. Morgan Chase
Landesbank Berlin Holding
SECB Swiss EURO CLEARING
Bank of New York Mellon, Frankfurt Branch
Bank (Deutschland) AG
Eurobank Ergasias SA
Bank of Greece SA
FHB Mortgage Bank
Hungarian Development Bank
Hungarian National Bank
Allied Irish Banks
Bank of Ireland
Banca del Fucino
Banca Monte dei Paschi di Siena
Banca Nazionale del Lavoro
Banca Popolare del Lazio
Banca Popolare di Sondrio
Cassa di Risparmio di Cesena
Cassa di Risparmio di Fermo
Cassa di Risparmio di Ravenna
Banca di Imola
Raiffeisen Landesbank Südtirol
Banque et Caisse d'Épargne de l'État
Banque Internationale à
KBL European Private Bankers
Bank & Trust
De Nederlandsche Bank
Bank BPH SA
Banco BPI SA
Banco Comercial Português
Caixa Geral de Depósitos
Banco Bilbao Vizcaya Argentaria, S.A.
Banco Popular Español, S.A.
Banco Sabadell, S.A.
Banco Santander, S.A.
CaixaBank, S.A. (La Caixa)
Catalunya Banc, S.A. (CatalunyaCaixa)
ABANCA Corporación Bancaria, S.A. (Abanca)
Caja Laboral Popular, Cooperativa de Crédito (Caja Laboral)
Banco Cooperativo Español, S.A. (Caja Rural)
Skandinaviska Enskilda Banken
Bank of Tokyo-Mitsubishi UFJ Ltd.
JPMorgan Chase Bank, N.A.,
Bank International Ltd.
Bank psc (UAE)
Bank of Scotland PLC
Philadelphia-area corporations (including the Delaware Valley)
List of companies based in the
Philadelphia-based Fortune 500
corporations (rank in the 2017 list)
Crown Holdings (333)
Delaware Valley-based Fortune 500
corporations (rank in the 2017 list)
Lincoln National (207)
Universal Health Services (276)
Campbell Soup (339)
Burlington Stores Inc. (463)
Other notable Philadelphia-based
Day & Zimmermann
Independence Blue Cross
Pennsylvania Real Estate Investment Trust
Philadelphia Media Network
Drinker Biddle & Reath
Morgan, Lewis & Bockius
White and Williams
Other notable Delaware
Brandywine Realty Trust
Christiana Care Health System
Crozer Keystone Health System
Liberty Property Trust
Penn National Gaming
Rita's Italian Ice
Susquehanna International Group
W. L. Gore and Associates
Notable Delaware Valley-based
US headquarters of
Notable Delaware Valley-based
division headquarters of
Acme (Cerberus Capital Management)
Centocor (Johnson & Johnson)
Colonial Penn (Conseco)
Delmarva Power (Exelon)
GSI Commerce (eBay)
MAB Paints (Sherwin-Williams)
McNeil Laboratories (J&J)
QVC (Liberty Media)
Rohm and Haas
Rohm and Haas (Dow Chemical)
Sunoco (Energy Transfer)
Tasty Baking (Flowers Foods)
30 largest banks in
Russia in terms of net assets
In alphabetical order, as of September 2017
Bank for Regional Development
Bank of Moscow
Bank Saint Petersburg
Bank of Moscow
Home Credit & Finance Bank
Moscow Industrial Bank
Otkritie FC Bank
Russian Standard Bank
Bank for Reconstruction and Development
Bank of Russia
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