Ing Direct Wikipedia Comprehensive Business Profile

Ing Direct was founded in 1997 by Arkadi Kuhlmann, a Canadian entrepreneur.

The company was initially launched as a direct bank, offering a range of financial services to customers through its website and phone.

Ing Direct was acquired by the Royal Bank of Canada in 2011, marking a significant milestone in the company's history.

Today, the company operates under the name TD Direct Investing, offering a variety of investment products and services to Canadian customers.

The government's role in ING Direct's history is quite interesting. On 8 October 2008, the UK's FSA transferred the UK deposit accounts to ING, citing that Kaupthing Singer & Friedlander no longer met its threshold conditions.

The FSA's decision was a result of Kaupthing's UK operations being placed into administration, which was done by the British government. This move was seen as an abuse of power by the prime minister of Iceland, Geir Haarde.

The British government's actions led to the Financial Supervisory Authority taking control of Kaupthing after the resignation of its entire board of directors. The Swiss Federal Banking Commission also began proceedings under the Swiss deposit insurance scheme with respect to the Geneva branch of Kaupthing Bank Luxembourg.

In Finland, the Financial Supervision Authority took control over the Finnish branch to prevent funds being transferred to Iceland. The branch paid all its liabilities to its customers with debt from three major Finnish banks and then liquidated its assets to pay back the debt.

The government's involvement in ING Direct's history is also evident in the financial support it received. The Dutch government provided a capital injection to ING, which allowed it to purchase the core capital effects from the state for a lower price. The original price was €15 per effect, but a lower price was agreed upon in 2009, which was dependent on ING's stock price and capped at €11.382 per effect.

The Dutch government also has the right to receive €10 per effect in place of the core capital effects after three years or later. The capital injection was a significant event, causing ING's stock to rise by 29.24% on the day after the announcement.

The Netherlands has a notable banking landscape, with the "big four" banks dominating the market. The four major players are ING Group, Rabobank, ABN AMRO, and de Volksbank, which is the state-owned banking arm of SNS Reaal.

ING Group is the market leader in the Netherlands, and it's one of the world's largest multinational banking and financial service corporations. It offers products and services in over 41 countries worldwide.

The Netherlands' banking market is concentrated among these four major players, making it a relatively small and competitive market.

ING Direct, a Dutch bank, made headlines in 2009 when it received an 80% guarantee from the Dutch government for a package of $37.7 billion worth of American Alt-A mortgages in its portfolio.

The guarantee was part of the Illiquid Assets Back-up Facility (IABF) and was meant to help ING Direct and its insurance arm, ING Insurance Americas, deal with the financial crisis.

In return, ING agreed to lend €25 billion to Dutch clients. The deal was seen as a smart move by the Dutch authorities, but some raised concerns that it could be a hidden form of state aid.

The European Commission later deemed the deal as state aid, as ING didn't pay enough for the guarantee.

By September 2010, the value of the mortgage portfolio had decreased to €23.8 billion due to loan repayments and refinancing, while the average quality of the portfolio had also decreased.

The Dutch government had made a profit of €461 million, but this was set aside to cover potential future losses.

The IABF was eventually terminated in 2013, and the Dutch government sold the Alt-A mortgage portfolio to Credit Suisse in 2014, making a profit of €1.4 billion.

ING Direct, the Dutch banking and financial services company, has a rich history of financial results. In 2007, ING achieved a record profit of €9241 million, largely due to a €2 billion gain from selling its stakes in ABN AMRO and Numico.

The company's market value peaked at €60 billion in 2007, making it the 9th largest company in the world according to Forbes. ING was also the largest savings bank globally, after Mitsubishi Bank.

ING's financial results took a significant hit in 2008, with a loss of €729 million. This was largely due to the global financial crisis. By the end of 2008, the company's market value had fallen to €15 billion.

Here's a summary of ING's financial results from 2006 to 2019:

ING Groep operates most of its activities under its own brand name. The company is active worldwide with the savings bank ING Direct, and in the Netherlands, it offers various brands, including Bank Mendes Gans and Movir.

ING Direct is a well-known brand that offers savings accounts and other financial services. ING Groep has a significant presence in the Netherlands, with multiple brands catering to different customer needs.

Some of the brands offered by ING in the Netherlands include:

These brands offer a range of services, from banking and insurance to investments and loyalty programs.

ING Groep has a large art collection that's a combination of several previous collections. The collection includes Dutch contemporary figurative art with works from various styles such as expressionism, impressionism, realism, and magical realism.

Some notable artists in the collection are Iris van Dongen, Bernardien Sternheim, Ans Markus, Henk Helmantel, and Philip Akkerman. Their works showcase a diverse range of styles and techniques.

The collection also features photography by Erwin Olaf and abstract works by artists like Peter Struycken and Joost Baljeu. ING's art collection has undergone changes over the years, with some works being sold off due to lack of space in their offices.

In 2010, the collection included 25,000 works, but many were later sold or donated to other institutions, such as the Drents Museum. 2,500 works were even auctioned off on eBay, with the proceeds going to Unicef.