ing group wiki Operations and Global Presence

ING Group is a multinational banking and financial services corporation with a significant global presence. It was founded in 1760 in the Netherlands.

The company has undergone various mergers and acquisitions over the years, expanding its operations and services. Its headquarters is located in Amsterdam, Netherlands.

ING Group has a presence in over 40 countries, providing a wide range of financial services to its customers. Its operations include consumer banking, wholesale banking, and insurance.

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ING Group was formed through the merger of two major insurance companies in the Netherlands and the banking services of the Dutch government. The company's roots date back to 1991.

The insurance branch of Nationale-Nederlanden and the banking branch of "NMB Postbank Groep" merged in 1991. NMB stands for "Nederlandsche Middenstands Bank".

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ING in Italy has been serving customers since 2001, with a customer base of around 1.3 million people. This significant presence in the Italian market has allowed ING to establish a strong foothold.

The bank is currently expanding its services by opening "bank shops" in major towns. These shops enable customers to access various services, including operating on web channels, assisted or not by branch operators, and using advanced teller machines for cash and check transactions.

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ING Direct was a branchless banking service that offered simple interest-bearing savings accounts for retail customers. It operated in several countries, including Australia, France, Italy, Spain, Germany, and Austria.

ING Direct began operations in the UK in May 2003 and quickly gained a large customer base, with over one million customers by 2009. The company was based in Reading and Cardiff.

The UK operations of ING Direct included savings accounts, Cash ISAs, mortgages, and home insurance. ING Direct even took over £2.5 billion of deposits from the collapsed Icelandic bank Kaupthing Edge in 2008.

ING Direct won awards for its customer services and mortgage product in 2008 and 2009. However, the company announced plans to exit the UK in August 2012 due to financial difficulties.

Barclays acquired ING Direct UK in October 2012, taking on £10.9 billion in deposits and £5.6 billion in mortgages. The transfer involved 750 ING Direct staff and 1.5 million customers.

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The ING Group has been quite active in making strategic acquisitions over the years. In 1994, it acquired Parcom, an asset management company.

One notable acquisition was the purchase of Barings Bank in 1995, which led to a boost in the company's investment banking business. This was a significant move, considering the bank's dramatic failure.

The ING Group has also expanded its reach in the insurance sector through various acquisitions, including Wellington in 1995, Equitable of Iowa in 1997, and Guardian in 1998.

Here's a list of some of the key acquisitions made by the ING Group:

These acquisitions have helped the ING Group expand its services and reach a wider customer base.

In 1991, the banking business of NMB Postbank Groep and the insurance business of Nationale-Nederlanden were merged to create ING Group.

This merger marked a significant shift in the financial industry, bringing together two major players under one umbrella.

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ING Group was formed from the combination of these two businesses, creating a more comprehensive financial services provider.

The merger had a lasting impact on the industry, paving the way for future acquisitions and partnerships.

As a result of this merger, ING Group became a major player in the financial services sector, offering a wide range of products and services.

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The ING Group has made several strategic acquisitions throughout its history, expanding its presence in various markets.

One notable example is the 1995 purchase of Barings Bank, which led to a significant boost in the company's investment banking business. This acquisition marked a turning point in the company's growth.

ING's asset management business has also seen significant expansion through acquisitions, with the purchase of Parcom in 1994 and Clarion in 1998.

The company has a strong presence in the insurance sector, with notable acquisitions including Wellington in 1995, Equitable of Iowa in 1997, and Canadian Group Underwriters in 1999.

Here is a list of some of the notable acquisitions made by the ING Group:

These acquisitions have helped the ING Group establish itself as a major player in the global financial services market.

ING Group, a major Dutch bank, received a capital injection of €10 billion from the Dutch Government in October 2008 to increase its core Tier 1 capital ratio above 8%.

This support came with conditions, including the sale of insurance businesses in various countries and ING Direct units in the US, Canada, and the UK. The sale of ING Direct US operations to Capital One, ING Direct Canada to Scotiabank, and ING Direct UK operations to Barclays bank in 2012 was a result of this condition.

The spun-off insurance businesses in North America were renamed Voya Financial in 2014. This shows how capital injections can lead to significant changes in a company's structure.

ING also sold its last shares in NN Group in April 2016, making it exclusively a bank again.

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Direct banking is a unique approach to financial services, and ING is a great example of this. ING offers branchless banking with operations in Australia, Italy, Spain, Germany, and Austria.

These services are available over the counter, web, phone, ATM, or by mail, making it a convenient option for retail customers. The service concentrates on simple interest-bearing savings accounts.

ING Direct was originally created as a separate entity, but it was renamed to ING between 2017 and 2019. This name change didn't affect the services offered, which remained the same.

In the US, Canada, and the UK, ING Direct units were sold to other banks, including Capital One, Scotiabank, and Barclays bank in 2012.

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ING Group has a significant international presence, with a history of strategic acquisitions and expansions.

In the 1990s, the company expanded its international business through several key acquisitions, including the Belgian bank Banque Bruxelles Lambert (BBL) in 1998 and the US-based insurance company Equitable of Iowa.

ING used its direct banking business model, developed with NMB Postbank, to launch direct banking in several countries, starting with Canada in 1997. This approach allowed the company to expand its retail banking business overseas efficiently.

The company acquired several other banks and insurance companies in the 1990s, including Furman Selz, ReliaStar, and Aetna's Financial Services unit, as well as the Polish Bank Śląski and Mexican insurance company Seguros Comercial América.

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ING Group expanded its international business through several acquisitions in the 1990s, including the Belgian bank Banque Bruxelles Lambert in 1998 and US-based insurance company Equitable of Iowa.

The company also acquired Frankfurt-based BHF-Bank in 1999, increasing its Latin American and Asia Pacific insurance businesses with the acquisition of ReliaStar and Aetna's Financial Services unit.

ING used the direct banking business model it had developed with NMB Postbank to launch direct banking in other countries, starting with Canada in 1997.

Direct banking operations were soon established in several other countries, including the US, UK, Germany, Spain, Italy, France, and Australia.

ING Direct began operations in the UK in May 2003 and had over one million customers by 2009, with operations based in Reading and Cardiff.

ING Direct UK picked up awards for its customer services and mortgage product in 2008 and 2009, and at its peak, ING in France had around 1 million customers.

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ING Direct France started offering current accounts in 2009 and home loans in 2015, but ultimately closed its direct banking business in France in 2022.

ING kept its wholesale and investment banking business in France, while selling its retail customer portfolio to Boursorama, a direct banking subsidiary of Société Générale.

ING-DiBa is Germany's third biggest bank by the number of customers, with approximately 9 million customers.

The bank reported total assets of €158 billion in 2016 and had around 3,900 employees.

ING bought 49% of Allgemeine Deutsche Direktbank AG in 1998, which later became known as DiBa.

The company acquired a further 21% of the company in 2002 and the remainder by 2003.

By 2007, the company was trading under the name ING-DiBa.

In November 2018, the bank changed its name to ING.

In the Philippines, ING operates exclusively through its mobile app. This innovative approach was launched in 2019, prior to the pandemic, and offered one of the highest interest rates for the first few months of operations.

ING's mobile system was one of the first to allow check deposits via image capture using a mobile phone, making banking more convenient and accessible to its customers.

ING has two offices in Taguig, Metro Manila, located at the World Plaza Building and Arthaland Century Pacific Tower.

ING has a significant presence globally, with offices in over 50 countries.

The company has operations in Argentina, Australia, Austria, Belgium, Brazil, Bulgaria, China, Colombia, Denmark, Estonia, Finland, France, Germany, Hong Kong, Hungary, India, Indonesia, Ireland, Italy, Japan, Kazakhstan, Latvia, Lithuania, Luxembourg, Malaysia, Mexico, Monaco, Mongolia, Netherlands, Norway, Philippines, Poland, Portugal, Romania, Russia, Singapore, Slovakia, South Korea, Spain, Sweden, Taiwan, Thailand, Turkey, Ukraine, United Arab Emirates, United Kingdom, United States, and Vietnam.

Here's a list of some of the countries where ING has offices:

In Australia, ING has a strong presence with its headquarters located in Sydney. It was established in 1999.

ING in Australia offers a range of banking products, including transaction accounts, savings accounts, credit cards, business accounts, term deposits, home loans, and superannuation. These products cater to various customer needs.

The company's operations in Australia are regulated by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission, which are Federal Government regulators. This ensures that ING adheres to strict guidelines and standards.

ING is a division of ING Bank (Australia) Limited, a well-established entity in the country.

ING has a significant presence globally, with offices in over 50 countries. This extensive network allows the company to cater to diverse markets and clients.

Let's take a look at some of the countries where ING has offices. Here are a few examples:

With such a broad reach, ING is well-positioned to serve clients across the globe.

ING's global headquarters is a significant aspect of its global operations. The bank's head office is situated in Cumulus Park, Amsterdam's innovation district in the south-east of the city. The five-storey building has a glass facade and is named after the Cedar tree, symbolising sustainability and growth.

This building is a testament to ING's commitment to innovation and sustainability. Its framework, with its layered branches and open spaces in between, is characteristic of a Cedar. The building's design is a deliberate choice, reflecting the bank's values.

ING House, which was the head office of NN Group, is located in the business district of Zuidas in Amsterdam, Netherlands. It was designed by Roberto Meyer and Jeroen van Schooten and was officially opened on 16 September 2002 by then Prince Willem-Alexander of the Netherlands.

Here is a list of some of the countries where ING has offices:

ING Group's financials are a complex but fascinating topic. The company has a strong presence in various markets, including Russia and Central and Eastern Europe, as well as a significant presence in Canada, where its insurance arm was spun off in 2009.

ING's insurance business operates in America, Asia, and Europe, and the company has announced plans to separate its insurance business from its main banking operations through two IPOs. The EuroAsia IPO has been delayed, while the US IPO is expected to be completed by the end of 2012.

The insurance arm is estimated to be worth up to €16 billion, making it a significant asset for the company. ING sold its Malaysian insurance business to American International Assurance in October 2012 for a total of €1.3 billion.

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ING's Corporate Finance department is a powerhouse in the industry, advising businesses on major corporate transactions like mergers and acquisitions, initial public offerings, and share buy-backs. The division is headed by Maurits Duynstee and Pierre Chabrelie, who have a strong presence in Russia and Central and Eastern Europe.

ING Corporate Finance has a significant presence in Russia and Central and Eastern Europe, making it a go-to partner for businesses in the region.

ING's insurance business operates in America, Asia, and Europe, with a strong presence in Canada, where it has an 11% share of the property and casualty insurance market.

The insurance arm of ING Group is worth up to €16 billion, according to analysts.

ING Group announced plans to separate its insurance business from its main banking operations in 2009, through two IPOs in Europe and Asia and the US.

ING sold its Malaysian insurance business to American International Assurance in October 2012 for a total of €1.3 billion.

Here are some notable associations and memberships of ING Corporate Finance:

In 2008, ING Group accepted a capital injection plan from the Dutch Government, which supplied €10 billion to the operation in exchange for securities and veto rights on major operational changes and investments.

The European Commission 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.

ING raised €7.3 billion through share issues in December 2009, and repurchased securities representing half of the €10 billion in state aid.

The company repurchased another €2 billion in May 2011, at a 50% premium.

ING looked to complete the repayments by May 2012, but cited eurozone conditions in putting the repayment timetable as 2012–2013 for the remaining €3 billion.

The final tranche of €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.

In 2008, ING Group received a capital injection of €10 billion from the Dutch Government to increase its core Tier 1 capital ratio above 8%. This move was part of a broader effort by the Dutch government to support major banks during the late-2000s financial crisis.

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ING repaid half of the state aid in 2009, raising €7.3 billion through share issues. The remaining €5 billion was repaid in two tranches, with the first €2 billion repurchased in May 2011 at a 50% premium.

The repayment schedule was initially set for May 2012, but ING cited eurozone conditions to push back the deadline to 2012-2013. The final tranche of €1.025 billion was paid on November 7, 2014, six months ahead of schedule.

ING's capital injection and repayment efforts were closely watched by the European Commission, which required the bank to divest its insurance and investment management operations by the end of 2013 as a condition of approving the state aid.

Here's a breakdown of the key dates in ING's capital injection and repayment timeline:

ING's experience highlights the importance of timely and transparent communication with regulatory bodies during times of financial stress.

ING has a significant presence in the global banking landscape through its shareholdings in various 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.

ING announced its intent to sell its stake in TMB bank in 2013.

In Poland, ING became the majority shareholder of Silesian Bank in 1996.

Bank Śląski merged with ING Bank N.V. Branch in Warsaw in 2001, and the bank now operates under the name of ING Bank Śląski.

As of 2014, ING Group no longer has control over its former subsidiary, ING U.S., which was spun off in an initial public offering in 2013.

ING Group has faced criticism for its operations in Russia, despite international sanctions and geopolitical tensions following the Russian invasion of Ukraine. The bank continues to operate in the region, raising concerns about its business practices and alignment with international sanctions.

ING Bank's decision to maintain operations in Russia has sparked debate among stakeholders and experts. The Leave Russia project has been vocal about the issue, highlighting the potential consequences of the bank's actions.

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The bank's operations in Russia have been a point of contention for some time, with many calling for a more robust stance against the country's actions. ING's continued presence in Russia has led to questions about its commitment to ethical business practices.

The bank's alignment with international sanctions has been called into question, with some arguing that its actions in Russia undermine the effectiveness of these sanctions.

ING Group has a diverse range of business units and ventures, including retail banking and wholesale banking.

ING offers retail banking services in 15 countries, including the Netherlands, Belgium, and Poland, and has the largest market share in the Netherlands.

ING's wholesale banking business provides banking and financial services to corporations and other institutions, primarily in the Netherlands, Belgium, Poland, and Romania.

ING Wholesale Banking is divided into several sub-divisions, including Structured Finance, Financial Markets, Transaction Services, and Corporate Finance.

As an investment bank, ING Group also has a venture capital firm that focuses on investing in late-stage ventures and seed companies.

ING offers retail banking services in many countries, including Australia, Austria, Belgium, Czech Republic, Germany, Poland, Italy, Luxembourg, Netherlands, Romania, Spain, Turkey, and the Philippines.

In the Netherlands, ING is the largest retail bank by market share, holding 40% of current account deposits, and by total assets.

ING offers non-retail private banking services in the Netherlands, Belgium, Luxembourg, Switzerland, and various countries in Asia and Central Europe.

Rabobank is the second-largest retail bank in the Netherlands, holding 30% of current account deposits, and ABN AMRO follows with 20%.

Wholesale is a significant business unit for ING, providing banking and financial services to corporations and other institutions.

The primary geographic focus of ING's Wholesale Banking business is the Netherlands, Belgium, Poland, and Romania.

ING Wholesale Banking was strengthened in 1995, when it took over Barings Bank, increasing the brand recognition of ING around the world.

This acquisition also strengthened ING's Wholesale Banking presence in emerging markets.

ING's investment banking division was called ING Barings following the acquisition, but it severed its ties with the Barings name in 2004.

The top floor of ING's London office still houses the famous Baring art collection and the Baring Foundation, a charitable foundation.

ING Wholesale Banking is divided into sub-divisions, including Structured Finance, Financial Markets, Transaction Services, and Corporate Finance.

As of January 20, 2016, ING Wholesale Banking is the new name for ING Commercial Banking.

ING Group is an investment bank in Amsterdam that focuses on offering banking, investments, life insurance and retirement services.

Founded in 1991 in Amsterdam, Noord-Holland, the Netherlands by Adriana Venter.

ING Group invests in late stage ventures and seed.

Their portfolio companies include Ascent, COFCO, Fnality International, HQLAX, Kabbage, MobieTrain, Spruce Finance, Sunseap and Twisto.

As of March 2020, ING Group has made 30 investments.

Their most recent investment was on March 9, 2020, when HQLAX raised.

ING Group has had five exits.

The most notable of which include PayPal, Avantium Technologies, and Ascenty.

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