ING Group

ING Groep N.V.

Type	Naamloze vennootschap
Traded as	Euronext: INGA, NYSE: ING
Industry	Financial services
Founded	1991
Headquarters	Amsterdam, Netherlands
Area served	Worldwide
Key people	Jan Hommen (CEO), Patrick Flynn (CFO), Peter Elverding (Chairman of the supervisory board)
Products	Retail, direct, private, investment and commercial banking, insurance and asset management
Revenue	€54.43 billion (2010)[1]
Profit	€3.220 billion (2010)[1]
Total assets	€1.247 trillion (end 2010)[1]
Total equity	€47.28 billion (end 2010)[1]
Employees	107,110 (FTE, end 2010)[1]
Website	ing.com

ING Group (Euronext: INGA, NYSE: ING) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING is an abbreviation of Internationale Nederlanden Groep (English: International Netherlands Group).

As of 2009, ING Group serves 85 million private, corporate and institutional clients in over 40 countries, with a workforce of over 100,000 people. It owns ING Direct as well as retail banking, insurance, investment management, and investment banking operations. Its services operate in countries including the Netherlands, Australia, Canada, France, India, Italy, Spain, Poland, UK, Turkey and the US. ING is the largest banking/financial company in the world by revenue.^[2]

Contents 1 International operations 2 Headquarters 3 Transactions with the Dutch State 3.1 Capital injection 3.2 Repayment of Dutch state 4 Divisions 4.1 Retail Banking 4.2 ING Direct 4.2.1 ING Bank of Canada 4.2.2 ING Direct United States 4.2.3 ING Direct UK 4.2.4 ING Direct Australia 4.3 Commercial Banking 4.3.1 Corporate Finance 4.4 Insurance 5 Advertising and sponsorship 6 See also 7 References 8 External links 8.1 ING Websites 8.2 Other websites

[edit] International operations

ING has offices in:

[edit] Headquarters

ING's headquarters, ING House, is located in the business district of Zuidas in Amsterdam. It was designed by Roberto Meyer and Jeroen van Schooten and was officially opened on 16 September 2002 by Prince Willem-Alexander of the Netherlands. The light-infused building features a 250 seat auditorium, foyer, restaurant, and library, and is also home to an art collection.

[edit] Transactions with the Dutch State

[edit] Capital injection

On Sunday October 19, 2008, in a move to increase its core Tier 1 capital ratio to above 8%, ING Group accepted a capital injection plan by the Dutch Government. The plan will supply €10 billion (US$13.5 billion) into the operation, in exchange for securities, and veto rights on major operations and investments. Wouter Bos, the Dutch finance minister at the time, said that this was done as a means of fortifying the bank as the bank is in a sound financial state, to weather the financial crisis. Management said that the capital injection shall have no dilutive impact to existing shareholders. As part of the 'loan' agreement, two government advisers have been appointed to the supervisory board.

[edit] Repayment of Dutch state

On 21 Dec 2009, ING announced that it has completed its planned repurchase of EUR 5 billion of the Core Tier 1 securities issued in November 2008 to the Dutch State and its EUR 7.5 billion rights issue.

[edit] Divisions

[edit] Retail Banking

ING offers retail banking services in the Netherlands, Belgium, Luxembourg, Poland, Romania, Turkey, India, Thailand and China. Private Banking is offered in the Netherlands, Belgium, Luxembourg, Switzerland and various countries in Asia and Central Europe. Mid Corporate Clients in the home markets (the Netherlands, Belgium, Poland and Romania) are also part of Retail Banking.

In its home market, the Netherlands, ING is the largest retail bank by market share, holding 40% of current account deposits,^[3] followed by Rabobank (30%), ABN AMRO (20%), and others (10%).

Outside of the Benelux, ING's focus is on Central and Eastern Europe, and Asia. In India, ING has a 44% stake in ING Vysya Bank and is the single largest shareholder. In China, ING has a 16.7% stake in Bank of Beijing, the largest city commercial bank in China. In Thailand, ING has a 30% stake in TMB Bank, a universal banking platform with a nationwide network.

[edit] ING Direct

ING Direct is ING Group's marketing name for a branchless direct bank with operations in Australia, Austria (branded ING-DiBa), Canada, France, Germany (branded ING-DiBa), Italy, Spain, the United Kingdom and the United States. It offers services over the Internet, phone, ATM or by mail, and focuses on simple, high-interest savings accounts.

[edit] ING Bank of Canada

ING's history in Canada goes back to 1997 when it founded ING Direct Canada. As recently as January 2009 ING DIRECT Canada had over 1.6 million clients, employed over 900 people and had over $27 billion in assets. ING Direct Canada has four 'Save Your Money Cafés' in the major cities of Toronto, Montréal, Calgary and Vancouver.^[4]

Its products include Savings accounts, Tax-Free Savings Accounts (TFSAs), Mortgages, Retirement Savings Plans (RSPs), Guaranteed Investments (GICs), Mutual Funds, and Business Accounts.

ING Direct Canada is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. ING Direct Canada operates as Banking Institution #614, Transit #00152.^[5]

Since February 2009 ING Direct Canada is no longer a subsidiary of ING Direct. The 70% interest ING Groep had in it was spun off for $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 Groep still operates ING Bank of Canada.^[6]

[edit] ING Direct United States

ING Direct was founded in 2000, with its headquarters in Wilmington, Delaware. ING Direct is a member of the Federal Deposit Insurance Corporation (FDIC).

In September 2007, ING Direct acquired 104,000 customers and FDIC insured assets from a failed virtual bank NetBank.^[7] Two months later, ING Direct acquired online stock broker Sharebuilder.^[8]

[edit] ING Direct UK

ING Direct began operations in the UK in May 2003 and has over 1 million customers. Operations are based in Reading, where the company head office is situated as well as an office based in the city of Cardiff. The bank markets itself as offering good customer service and high interest rates, which are usually higher than its high street competitors, but not always top of comparison tables.^[9] The bank has picked up awards for its customer services and mortgage product in 2008 and 2009.^[10]

On 8 October 2008 ING purchased the savings accounts of the collapsed Icelandic bank, Kaupthing Singer & Friedlander, the UK Treasury used the Banking (Special Provisions) Act 2008 to transfer the Kaupthing Edge deposit business to ING Direct.^[11] 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^[12] after ING lowered the exceptional high rate the collapsed Kaupthing was previously paying.

ING Directs products in the UK include Savings Accounts, Cash ISAs, Mortgages and Home insurance.

[edit] ING Direct Australia

ING Direct Australia was established in 1999 and is headquartered in Sydney, offering banking online and via telephone.

The company's operations are regulated by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission, Federal Government regulators. ING Direct is a division of ING Bank (Australia).

In October 2008, ING Direct suffered a $749 million outflow of deposit funds. There had been some confusion as to whether or not the Australian Government's guarantee over funds on deposit applied to deposits up to $1 million with ING DIRECT Australia. Once it was confirmed that the Guarantee did apply to ING DIRECT Australia, outflows that had been solely attributed to this situation slowed and deposits returned.

Its products in Australia include Transaction accounts, Savings accounts, Business accounts, Term deposits and Home loans.

[edit] Commercial Banking

ING Commercial Banking conducts operations for corporations and other institutions. The primary focus of ING’s Commercial banking business is on 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's Commercial Banking business was strengthened in 1995, when ING took over Barings Bank. This acquisition increased the brand recognition of ING around the world and strengthened its Commercial 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 was combined with ING's other commercial banking operations. However the top floor of ING's London office is still home to the Baring Art Collection,^[13] and the Baring Foundation,^[14] a charitable foundation.

Commercial Banking is divided into a number of sub-divisions, including Structured Finance, Financial Markets, and Corporate Finance.

[edit] Corporate Finance

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). The bank has advised on a number of recent high-profile European transactions including satellite navigation manufacturer TomTom in a €359m rights issue, energy supplier Nuon in its €8.5bn sale to Vattenfall, and printer-maker Océ in its €1.3bn merger with Canon. ING was the leading advisor in the Dutch M&A league tables in 2009.^[15]

ING Corporate finance has a strong presence in Russia and Central and Eastern Europe. In 2009 ING advised Mobile TeleSystems OJSC (MTS), Russias largest mobile operator, in its acquisition of a 51% stake in Comstar UTS for USD 1.27bn,^[16] and Russia-focused oil producer, Exillon Energy on its USD 100m IPO.^[17]

[edit] Insurance

ING insurance 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 or a sell. Analysts estimate that the insurance arm is worth up to €16bn.^[18]

This section requires expansion.

[edit] Advertising and sponsorship

ING sponsors a variety of sports, cultural events, and art exhibitions throughout the world.

For several years, ING has been the title sponsor of various US Marathons including the New York City Marathon, the Miami Marathon, the Georgia Marathon, the Hartford Marathon, the Philadelphia Distance Run and San Francisco's Bay to Breakers.

ING is a major sponsor of football, sponsoring the Royal Dutch Football Association and the Asian Football Confederation (AFC).^[19]

ING was the title sponsor of the Renault Formula One team from the 2007 season to the 2009 season. It was also during this time, the title sponsor of the 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.^[20]

In art and culture, ING's sponsorships include the Dutch national museum in Amsterdam (the Rijksmuseum), the New York Museum of Modern Art, and also the Royal Concertgebouw Orchestra. ING also owns a number of collections itself, in Belgium, Mexico, the Netherlands, Poland and the United Kingdom.^[21]

ING's use of orange in its corporate logo (as well as including Orange in the name of its products) refers to its Dutch origins. ING's Canadian commercials feature Dutch actor Frederik de Groot.^[22] In Australia, they feature an Orang-utan named Charles.

[edit] See also

• Australian real estate investment trust
• European Financial Services Roundtable
• Inter-Alpha Group of Banks

[edit] References

[edit] External links

Wikimedia Commons has media related to: ING

[edit] ING Websites

• ING.com ING Group mobile
• ING Commercial Banking
• ING Real Estate

[edit] Other websites

• ING Group Headquarters, Galinsky architecture database
• ING Direct U.S. rate history (2001-present)

v · d · eAEX companies of the Netherlands Aegon · Ahold · Air France-KLM · Akzo Nobel · Aperam · ArcelorMittal · ASML · Boskalis · Corio · DSM · Fugro · Heineken · ING · KPN · Philips · PostNL · Randstad · Reed Elsevier · Royal Dutch Shell · SBM Offshore · TNT Express · TomTom · Unibail-Rodamco · Unilever · Wereldhave · Wolters Kluwer

v · d · e Financial services companies of the Netherlands Bancassurance: ING Group · Rabobank · SNS Reaal Banks: ABN Amro · Alex · ASN Bank · Amsterdam Trade Bank · Bank Nederlandse Gemeenten · Binck · De Lage Landen · Direktbank · ELQ Hypotheken · Friesland Bank · NIBC Bank · Postbank · SNS Bank · Sparck · Triodos Bank · Van Lanschot Bankiers Private banks & asset management Bank Insinger de Beaufort · Kempen & Co · MeesPierson · Oyens & van Eeghen · Robeco · Schretlen & Co · Staalbankiers · Theodoor Gilissen Bankiers Insurance: Aegon  · Achmea · Ageas  · Allianz · Atradius · AXA Nederland · Cardif · Centraal Beheer · Conservatrix · Delta Lloyd · Eureko · De Goudse Verzekeringen · FBTO · Interpolis · Klaverblad Verzekeringen · Monuta · Nationale Nederlanden · Ohra · TVM · Univé · Uvit · VVAA · Zwitserleven Health insurance: Azivo · AZVZ · CZ Groep · De Friesland · Menzis · ONVZ Zorgverzekeringen · PNO Ziektenkosten · Salland Verzekeringen · DSW Zorgverzekeringen · Zorg en Zekerheid

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v · d · ePhiladelphia-area corporations (including the Delaware Valley) Philadelphia-based Fortune 500 corporations (by 2009 rank) Comcast (59) • Sunoco (78) • Cigna (129) • Aramark (189) • Crown Holdings (289) Delaware Valley-based Fortune 500 corporations (by 2009 rank) Companies listed above, plus: AmerisourceBergen (24) • DuPont (86) • Lincoln National Corporation (256) • Campbell Soup (299) • UGI Corp. (369) • SunGard (380) • Unisys (452) • Airgas (474) Other notable Philadelphia-based businesses Amoroso's • AppLabs • Beneficial Bank • Crozer Keystone Health System • Pep Boys • Philadelphia Media Network • Radian Group • Tasty Baking • Urban Outfitters Notable Philadelphia-based professional partnerships Ballard Spahr • Blank Rome • Cozen O'Connor • Dechert • Drinker Biddle & Reath • Duane Morris • Morgan, Lewis & Bockius • Pepper Hamilton • Saul Ewing Other notable Delaware Valley-based businesses Aqua America • Bentley Systems • Brandywine Realty Trust • Boscov's • Carpenter Technology Corporation • Cephalon • GSI Commerce • Forman Mills • Liberty Property Trust • Polish Water Ice • Rita's Italian Ice • Vanguard • ViroPharma • Wawa • Wilmington Trust • WSFS Bank Notable Delaware Valley-based US headquarters of foreign businesses ACE • AgustaWestland • AstraZeneca • HSBC Bank USA • ING Group • SAP America • Siemens Medical • Shire Pharmaceuticals • Sovereign Bancorp • Subaru • Teva Pharmacueticals • TD Bank Notable Delaware Valley-based division headquarters of US corporations Acme (SuperValu) • AlliedBarton and Pinnacle Foods (Blackstone) • Keystone Helicopter (United Tech.) • Centocor (J&J) • Colonial Penn (Conseco) • Delmarva Power (Pepco Holdings) • Hercules (Ashland) • MAB Paints (Sherwin-Williams) • McNeil Laboratories (J&J) • Neoware (Hewlett-Packard) • PECO (Exelon) • QVC (Liberty Media) • Rohm and Haas (Dow Chemical)