ING

The ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam.

Categories

Financial and Banking  

#332

Rank

$49.89B

MarketCap NL

NL Netherlands

Country

Summary

ING Groep N.V., a financial institution, provides various banking products and services in the Netherlands, Belgium, Germany, Poland, the Rest of Europe, North America, Latin America, Asia, and Australia. It operates in six segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, Wholesale Banking, and Corporate Line Banking. 

The company accepts various deposits, such as current and savings accounts; and offers business lending products, as well as consumer lending products, such as residential mortgage loans, term loans, and revolver and personal loans. It also provides debt capital market, working capital, export finance, daily banking, treasury and risk, and corporate finance solutions; and specialized lending, equity market, finance, payments and cash management, and trade services and solutions, as well as savings, investment, insurance, mortgage, and digital banking services. 

The company serves customers, corporate clients, and financial institutions, including small and medium-sized, and mid-corporates. ING Groep N.V. was founded in 1762 and is headquartered in Amsterdam, Netherlands.


History

ING Group traces its roots to two major insurance companies in the Netherlands and the banking services of the Dutch government. In 1991 the insurance branch of Nationale-Nederlanden and the banking branch of "NMB Postbank Groep" merged. NMB stands for "Nederlandsche Middenstands Bank".

In 1845, the fire insurance company Assurantie Maatschappij tegen Brandschade de Nederlanden van was founded. It grew to be the leading Dutch insurance company with branches outside the Netherlands. It later changed its name to "De Nederlanden van 1845". Two decades later, in 1863, the life insurance company Nationale Levensverzekerings Bank was founded in Rotterdam. These two insurance companies made multiple acquisitions, and in 1963 merged to form the Nationale-Nederlanden insurance company. Nationale-Nederlanden expanded significantly during the 1970s and 1980s.

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-organization of Dutch banks which resulted in the creation of the Nederlandsche Middenstands Bank. NMB's focus was retail banking in the Netherlands and abroad.

In 1986, post office banking services were privatized as Postbank N.V. and three years later it would merge with NMB bank to form NMB Postbank Groep. In 1991, the banking business of NMB Postbank Groep and the insurance business of Nationale-Nederlanden were merged to create ING Group.

ING Group expanded its international business through several acquisitions through the 1990s including Belgian bank Banque Bruxelles Lambert 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 insurance businesses with the acquisition of ReliaStar and Aetna's Financial Services unit. It also acquired the Polish Bank ?l?ski and Mexican insurance company Seguros Comercial América.

The 1995 purchase of Barings Bank after its dramatic failure led to a boost in the company's investment banking business. Expanding its retail banking business overseas, ING used the direct banking business model it had developed with NMB Postbank to launch direct banking in other countries. The first of these was set up in Canada in 1997 and was soon followed in several other countries including the US, UK, Germany, Spain, Italy, France and Australia.

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 eight percent, 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 ING Direct units in the US, Canada and the UK. This included the sale of the ING Direct US operations to Capital One, ING Direct Canada to Scotiabank and the ING Direct UK operations to Barclays bank in 2012. The spun-off insurance businesses in North America were renamed Voya Financial in 2014.


Mission

The mission of ING Group is to empower people to stay a step ahead in life and in business by providing innovative financial products and services that are simple, transparent, and easy to use.

To achieve this mission, ING Group focuses on four key values: empowerment, responsibility, simplicity, and innovation. These values guide the company's actions and decisions in all areas of its operations.


Vision

ING Group's vision is to be a leading digital bank that puts the customer at the center of everything it does. The company aims to achieve this vision by delivering innovative, personalized financial solutions that meet the evolving needs of its customers and by providing a superior customer experience that is easy, seamless, and accessible through any channel.

To achieve this vision, ING Group focuses on several key areas:

Digital transformation: ING Group is committed to leveraging technology to transform the banking industry and create a more efficient, streamlined, and customer-centric experience. This includes investing in new digital capabilities such as mobile banking, artificial intelligence, and blockchain technology.

Customer-centricity: ING Group puts the customer at the center of everything it does, with a focus on delivering personalized products and services that meet the unique needs of each customer.

Sustainability: ING Group is committed to being a responsible and sustainable company, with a focus on reducing its environmental impact and contributing to the well-being of society as a whole.

Employee engagement: ING Group recognizes that its employees are its greatest asset, and the company is committed to creating a supportive and engaging work environment that fosters creativity, collaboration, and innovation.


Key Team

Mr. Aris Bogdaneris B.A., B.Sc, B.Sc., M.A. (Head of Retail, Challengers & Growth Markets and Member of the Exec. Board & Mgmt. Board Banking)

Ms. Pinar Abay (Head of Market Leaders and Member of the Exec. Board & Management Board Banking)

Mr. Andrew John Milton Bester (Head of Wholesale Banking and Member of the Exec. Board & Management Board Banking)

Mr. Ron van Kemenade (Chief Technology Officer and Member of the Exec. Board & Management Board Banking)

Mr. Marnix van Stiphout (COO, Chief Transformation Officer and Member of the Exec. Board & Management Board Banking)

Mr. Erwin H. M. Olijslager (Principal Accounting Officer)

Mr. Han-Tsung Ho (Exec. Director)


Recognition and Awards
Global Finance World's Best Banks: ING was named the Best Bank in the World by Global Finance magazine in 2017, and has been recognized with numerous other awards from the magazine, including Best Corporate/Institutional Digital Bank in Western Europe. Dow Jones Sustainability Index: ING has been included in the Dow Jones Sustainability Index (DJSI) for 20 consecutive years, recognizing its leadership in sustainability and social responsibility. Euromoney Awards for Excellence: ING has been recognized with numerous awards from Euromoney, including Best Bank in Western Europe and Best Investment Bank in the Netherlands. Financial Times Diversity Leaders: ING was named a Diversity Leader by the Financial Times in 2021, recognizing its commitment to promoting diversity and inclusion in the workplace. Corporate Knights Global 100: ING was ranked among the world's most sustainable companies in the Corporate Knights Global 100 index in 2021. Digital Innovators Power List: ING's CEO was named to the Digital Innovators Power List by The Banker in 2018, recognizing his leadership in driving innovation in the banking industry.

Products and Services

Retail banking: ING offers a range of banking products and services to individual customers, including savings accounts, checking accounts, credit cards, personal loans, mortgages, and insurance.

Wholesale banking: ING provides a range of banking services to large corporate clients, including financing, cash management, foreign exchange, and capital market services.

Investment banking: ING offers investment banking services such as equity and debt capital markets, mergers and acquisitions, and advisory services.

Asset management: ING manages a range of investment funds, including mutual funds, exchange-traded funds (ETFs), and institutional funds.

Insurance: ING offers a range of insurance products, including life insurance, health insurance, and property and casualty insurance.

Wealth management: ING provides wealth management services, including financial planning, retirement planning, and investment advice.

Mobile banking: ING offers a mobile banking app that allows customers to check their balances, transfer money, pay bills, and manage their accounts.

Online banking: ING offers online banking services that allow customers to manage their accounts, pay bills, and transfer money from anywhere in the world.


References
ING
Leadership team

Mr. Tanate Phutrakul (CFO and Member of the Exec. Board & Management Board Banking)

Ms. Ljiljana Cortan (Chief Risk Officer and Member of the Exec. Board & Management Board Banking)

Industries

Financial and Banking

Products/ Services
Retail banking, Direct banking, Private banking, Wholesale banking, Investment banking, Commercial banking, Insurance Asset management
Number of Employees
Above 50,000
Headquarters
Amsterdam, Noord-Holland, The Netherlands
Established
1991
Company Type
Public Limited Company
Company Registration
SEC CIK number: 0001039765
Net Income
1B - 20B
Revenue
Above - 1B
Traded as
ING
Social Media

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Sun Apr 21 2024
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