ING Bank (Australia) Limited (trading as ING ) is an Australian direct bank and a wholly owned subsidiary of the Dutch multinational bank ING Group.
ING operates as a series of controlled entities: trust and major bank divisions, ING, operating under the segment Mortgages , Savings , Everyday Banking , Consumer Lending, Superannuation Insurance and Commercial Loans .
Founded in 1999 as a subsidiary of ING Group, ING (traded as ING DIRECT until 2017) was the first direct bank in Australia and has since grown to become the largest mortgage lender outside four major Australian banks. ING has got a positive value with customer satisfaction and has the highest net promoter score of any financial institution in Australia.
In December 2016, the bank had 1.7 million subscribers and more than 500,000 transaction accounts. In December 2015, ING has a AU $ 38.6 billion mortgage portfolio and AU $ 1.6 billion of super managed funds, with 34,000 active supplementary accounts in 2014.
Video ING Australia
History
Vaughn Richtor was the founding CEO of ING DIRECT Australia in 1999, having joined ING Group in 1992. Richtor left Australia in 2005 to lead India ING Group India Vysya before overseeing commercial and retail management in Asia from 2009. Erik Drok served as CEO from 2005 to 2009, followed by Don Koch until 2012. Vaughn Richtor returns as CEO 2012 while still overseeing management in Asia for ING Group.
In September 2009, the bank sold its AU $ 1.86 billion ownership of insurance and ownership of its shares to ANZ in a joint venture since 2002 (51% ownership of ING Group, ANZ 49% ownership), making ANZ the sole owner. The divestment of ING Insurance Australia follows similar steps globally as part of ING Group's structural change as a result of the 2008 financial crisis. In 2010, ING Insurance later renamed OnePath.
Announced in March 2012, the bank completed an IT infrastructure upgrade in 2014. The "Zero Touch" project involved moving all bank operations into a private cloud, claimed to be the first for any bank in Australia. Dubbed 'Bank in the box', virtualization across the banking platform allows simultaneous copies of the banking platform to exist on the company's servers. This provides greater flexibility and efficiency for developing new products and services, and new virtualization technologies will also enhance redundancy measures and customer experience.
In September 2012, the bank entered the superannuation market with Living Super , a self-administered superannuation fund (SMSF).
Uday Sareen replaces Vaugn Richtor as CEO in June 2016 after Richtor announced his plan to retire from business.
In August 2017, the bank announced it had changed its brand name from ING DIRECT to ING.
Maps ING Australia
Headquarters and physical location
The Bank was launched as ING Direct in August 1999 and operated out of its corporate office, ING Australia, at 347 Kent Street Sydney.
In March 2001 the bank signed a lease on several floors of a 14-storey office building at 140 Sussex Street Sydney; the subsequent growth caused banks to take additional floors over the next five years, culminating in ING leasing the entire building from 2007.
At the end of 2001, ING had a presence attended by a physical (non-branch) customer, through 'Customer Information Center' (CIC), at 347 Kent Street Sydney, 140 Queen Street Melbourne (as of August 2007), 100 Edward Street Brisbane November 2010) and at 45 Pirie Street Adelaide and 158 St George's Terrace Perth (both until the end of 2002). CIC Sydney was transferred to the bank's headquarters at 140 Sussex Street in 2007.
In July 2002, the second office opened at Tuggerah, about 100 km north of Sydney on the Central Coast of New South Wales; the building was shared with ING Australia. This office works primarily as a Contact Center, while also providing some limited administrative functions.
In February 2017, ING's headquarters, along with 1,000 staff members, were transferred to 60 Margaret Street Sydney, where the bank signed a lease of more than seven floors from 36 storied towers.
Retail banking
ING offers a variety of banking accounts and financial services to Australians. Operating as a direct bank, ING does not have an ATM or branch network, with the exception of customer service space at ING headquarters in Sydney. Service and support is provided by phone or through online banking. Free access to Australian ATMs is provided through a loyalty program.
Products
- Business savings and commercial credit accounts
- Self Managed Retail and Superannuation Fund (SMSFs) with life insurance
- Saving account and time deposit
- Transaction account
- Mortgage loan with fixed and fixed rate
Financial claims scheme
ING Deposit is guaranteed up to AU $ 250,000 under the Australian Government Financial Claims Scheme, as ING operates as a foreign subsidiary with Australian banking license.
In October 2008, ING experienced a deposit flow of US $ 749 million, with a retail outflow of AU $ 1.5 billion during 2008. The loss of savings occurred amid consumer uncertainty, whether the Australian Government's deposit guarantee measures took place during the Global Financial crisis applied to foreign banks. Despite the outflow, deposits soon stabilized with ING achieving a net profit of AU $ 182 million for 2008, up from 2007.
Orange Everyday
ATMs are free to use across Australia and overseas where they do not pay ING international transaction fees, as long as they deposit $ 1,000 or more each month and from March 2018, make a 5 card purchase.
See also
- Banking in Australia
- ING Group Ã,§ ING Direct
- List of banks
- List of banks in Australia
- List of banks in Oceania
References
External links
- Official website
- ING Group
Source of the article : Wikipedia
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