The ING Group (Dutch: ING Groep ) is a Dutch multinational banking and financial services company headquartered in Amsterdam. Its main businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING stands for Internationale Nederlanden Groep (English: International Netherlands Group).
The orange lion on the ING logo alludes to the origin of the Dutch Group under the House of Orange-Nassau. ING is a Dutch member of Inter-Alpha Group of Banks, a cooperative consortium of 11 leading European banks. ING Bank is included in the list of systemically important global banks by 2012.
By 2017, ING serves 37.4 million clients in over 40 countries. The company is a component of the Euro Stoxx 50 stock market index.
Video ING Group
History
The ING Group traces its roots to two major insurance companies in the Netherlands and Dutch government banking services.
Insurance
In 1845, the fire insurance company Assurantie Maatschappij tegen Brandschade de Nederlanden van 1845 ("The Dutch Fire Insurance Company of 1845") was established. The company grew into a leading Dutch insurance company with branches outside the Netherlands (139 worldwide in 1900). It was later renamed "De Nederlanden van 1845". Two decades later, in 1863, the life insurance company Nationale Levensverzekerings Bank ("National Life Insurance Bank") was established in Rotterdam. Both of these insurance companies did a lot of acquisitions, and in 1963 joined to form insurance company Nationale-Nederlanden . Nationale-Nederlanden developed significantly during the 1970s and 1980s.
Banking
In 1881, the Dutch government created Rijkspostspaarbank , a postal savings system to encourage workers to start saving. Four decades later they added a Postcheque and Girodienst service that enabled working families to make payments through the post office. Separately in 1927, the Dutch government initiated the reorganization of the Dutch banks which resulted in the creation of the Nederlandsche Middenstands Bank (NMB). The focus of NMB is retail banking in the Netherlands and abroad.
In 1986, post office banking services were privatized as Postbank N.V. and three years later will join the NMB bank to form NMB Postbank Groep .
Banking and insurance merger
In 1991, the banking business of NMB Postbank Groep and the Nationale-Nederlanden insurance business merged to create the ING Group , following regulatory changes that allowed banks and insurance businesses to cooperate.
Further acquisitions
Since the ING Group was established, has made several acquisitions:
Overseas expansion
ING Group expanded its international business through acquisitions through the 1990s including Belgian bank Banque Bruxelles Lambert (BBL) in 1998, US-based insurance company Equally of Iowa and Furman Selz commercial bank It was also acquired by Frankfurt based on BHF-Bank in 1999, although it was discarded later. It increased the insurance business of Latin America and Asia Pacific with the acquisition of RelieStar and Aetna Financial Services units. He also obtained Polish Bank. L? Skiing and the Mexican insurance company Seguros Comercial AmÃÆ'Â © rica .
However, it was the purchase of Barings Bank in 1995 after a dramatic failure that saw the investment banking business ING Group significantly increase.
Expanding its retail banking business overseas, rather than establishing a branch network, it uses a direct banking business model it developed with NMB Postbank to launch a direct banking business overseas called ING Direct . The first was founded in Canada in 1997, and soon followed in a number of other countries including the US, UK, Germany, Spain, Italy, France, and Australia. No frills, high-end savings accounts that can only be accessed online are successful businesses and give birth to a number of similar services from rival banks. In many ways, these direct banks preceded the digital revolution and moved toward branchless banking.
Capital injection and divestiture
In 2008, as part of the financial crisis of the late 2000s, ING Group, along with many other large banks in the Netherlands, took a capital injection from the Dutch Government. This support increases ING's capital ratios above eight percent, but as a condition of Dutch state aid, the EU demands a number of changes to its structure. It generates sales of businesses around the world, including insurance business in Latin America, Asia, Canada, Australia and New Zealand and ING Direct units in the US, Canada and the UK. These include the sale of ING Direct AS operations to Capital One and ING Direct UK operations to Barclays banks in 2012. The off-off insurance business in North America was renamed Voya Financial in 2014.
Maps ING Group
Global operations
In November 2003, ING Groep N.V. appointed Michel Tilmant, Vice Chairman of the executive council, as its new chair and successor to Ewald Kist.
ING has offices in:
Global headquarters
Following the splitting of ING Group to ING Bank and ING Insurance, ING Bank and ING Group headquarters are the Amsterdamse Poort building as of September 2012. Construction work is currently underway to build a new campus-style headquarters close to the expected completion. at the end of 2019.
ING House is the headquarters of NN Group and is located in Zuidas business district in Amsterdam, The Netherlands from 2012 to 2014. It was designed by Roberto Meyer and Jeroen van Schooten (Meyer en Van Schooten) and officially opened on September 16, 2002 when Prince Willem- Alexander from the Netherlands. This light-equipped building has a 250-seat auditorium, foyer, restaurant, library, and extensive art collection.
Recent current transactions
Latin American Divestment
In July 2011, ING sold all of its Latin American insurance operations to Colombian insurance company Grupo Sura for US $ 3.85 billion, excluding ING ownership of 36 percent at Brazilian insurance company SulAmÃÆ' Â © rica Seguros which will be sold in the future. SulAmÃÆ' Â © rica Seguros officially began operating ING Investment Management, Wealth Management, Pension Funds and Retirement Businesses in Latin America (Chile, Colombia, Mexico, Peru and Uruguay) on February 13, 2012. ING Commercial Bank will continue to operate in Mexico.
This action is in line with EU demands to share the Group's banking and insurance operations as a condition of Dutch state aid ( see below ).
Injection and payment of capital
In October 2008, in a move to raise Tier 1 core capital ratios above 8%, ING Group received a capital injection plan from the Dutch Government. The plan provides EUR10 billion (US $ 13.5 billion) for operations, in exchange for securities and veto on major operating and investment changes. The European Commission also requires ING to break away from insurance and investment management operations by the end of 2013 as a condition to approve state aid.
Wouter Bos, Minister of Finance of the Netherlands at the time, said the Dutch government investment is done as a means to fortify banks to overcome the financial crisis. Management states that capital injections will not affect 'weaken' to existing shareholders. As part of the agreement, two government advisors are appointed to the Group Oversight Board.
In December 2009, ING raised EUR7.3 billion through stock issues, and repurchased securities representing half of EUR10 billion in state aid. The company repurchased another EUR2 billion in May 2011 (at a 50% premium), and appears to be completing payments in May 2012. However, in January 2012 cited euro zone conditions in placing repayment schedules as 2012-2013 for the remaining EUR3 billion. The final phase of EUR 1,025 billion was paid on November 7, 2014, half a year earlier than the repayment schedule as agreed with the European Commission in 2012.
Completion 2012 with US Treasury
On June 12, 2012, the US Treasury's Office of Foreign Assets Supervision announced a $ 619 million settlement with ING Bank NV to settle its potential liability for conspiring to violate the International Emerging Economic Emissions Act (IEEPA) and Trafficking in Enemy Act (TWEA) and violating state law part of New York by transferring billions of dollars illegally through the US financial system on behalf of the approved Cuban and Iranian entities. The ING Bank's settlement with OFAC is concurrent with a settlement with the US District Attorney's Office for the District of Columbia, the National Security Division of the Department of Justice, the Department of Justice of Asset Rescue and Money Laundering Section and the Office of the New York County DA.
Based on the settlement agreement, ING Bank is required to conduct a review, and to submit a report to OFAC regarding its policies and procedures and their implementation, taking a focused risk sampling of US dollar payments to ensure that the OFAC compliance program works effectively to detect, repair and report every transaction approved OFAC that may occur.
Activity
Beginning in the 1990s, on the instruction of senior bank management, ING Bank employees in CuraÃÆ'§ao began processing payments for Cuba ING Bank's banking operations through its branch in CuraÃÆ'§ao on behalf of Cuban customers without reference to the origin of the payment. The practice of removing and eliminating such information is used by other branches of the Wholesale Banking Division of ING Bank, including in France, Belgium and the Netherlands, in processing US dollar payments and financial trade transactions through the United States. In addition, ING Bank's senior management in France is authorized, advised in manufacture, and ultimately provides a false endorsement seal for use by Cuban financial institutions in processing travelers check transactions, disguising the involvement of Cuban banks in this transaction when they are processed through the United States. Business Trade and Financial Commodities ING Bank at the Wholesale Banking branch in the Netherlands transferred payments made on behalf of US-approved Cuban clients through other corporate clients to obscure the sanctioned client's identity and the Rumanianya branch removed the details of the credit letters involving the US Treasury to finance exports of US goods to Iran.
Other important activities:
- In 2004, ING Groep sold CenE Bankiers, previously a part of NMB, to F. Van Lanschot Bankiers.
- On March 25, 2005, the company announced the acquisition of a 19.9% ​​stake in the Bank of Beijing and a deal worth about 1.7 billion yuan, or $ 200 million.
- In January 2013, ING announced it has sold its 26% stake in India Vysya Life Insurance to its joint venture partner Exide Industries.
- In January 2016, banking unit ING Groep NV invested in a leading Chinese fintech player, WeLab. This contributes to the second largest B Series fundraiser in fintech globally.
ING IPO AS and rebrand
In 2013, ING AS was separated in an initial public offering ahead of its rebranding plan as Voya Financial . In 2014, ING Group is no longer the controlling shareholder of its previous subsidiary, owning 47% of its shares.
Division
Retail banking
Separate for ING Direct business, ING offers retail banking services in Germany, the Netherlands, Belgium, Luxembourg, Poland, Romania, Czech Republic, Turkey, Thailand, China and Australia. Non-retail private banking services are offered in the Netherlands, Belgium, Luxembourg, Switzerland and various countries in Asia and Central Europe.
In the Netherlands, ING is the largest retail bank by market share, holding 40% of current account deposits, and with total assets. ING was followed by Rabobank (30%), ABN AMRO (20%), and others (10%).
ING owns a 17% stake in Bank of Beijing, China's largest urban commercial bank.
In Thailand, ING has a 30% stake in TMB Bank, a universal banking platform with a national network. In 2013 ING announced its intention to sell its shares in TMB bank.
Direct Banking
ING offers branchless banking with operations in Australia, France, Italy, Spain, Germany and Austria. It offers services via counter, web, phone, ATM or by mail. This service concentrates on simple flowering savings deposits for retail customers. ING Direct Italia currently opens its own "bank shop" in big cities, where customers can operate services on regular web channels, assisted or not by branch operators, and use sophisticated cash registers for cash and check transactions.
ING Australia
ING Australia was established in 1999 and is headquartered in Sydney, offering online banking and over the phone. Its products in Australia include transaction accounts, savings accounts, credit cards, business accounts, time deposits, home loans and pension funds.
Company operations are regulated by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission, Federal Government regulators. ING is a division of ING Bank (Australia) Limited.
ING in Germany
ING-DiBa is Germany's third largest bank with total subscribers (about 9 million). In 2016, the bank reported total assets of EUR158 billion and had about 3,900 employees. ING purchased 49% of Allgemeine Deutsche Direktbank AG in 1998, which since 1989 was traded as DiBa. It acquired a further 21% of the company in 2002 and the remainder in 2003. In 2007 the company traded under its current name, ING-DiBa.
ING in France
Founded in 2000, ING Direct France has around one million subscribers. It started offering current accounts in 2009 and home loans in 2015.
Wholesale Banking
ING Wholesale Banking provides banking and financial services to companies and other institutions. With a large network, the main geographical focus of the wholesale banking business is the Netherlands, Belgium, Poland and Romania, where it offers a wide range of products, from cash management to corporate finance. Elsewhere, a more selective approach to clients and products is required.
ING Wholesale Banking was strengthened in 1995, when ING took over Bank Barings. This acquisition enhances ING worldwide brand recognition and strengthens Wholesale Banking presence in emerging markets. After the acquisition and until 2004, ING's investment banking division was called ING Barings, where it broke its relationship with the Barings name and combined with other wholesale banking operations ING. However, the top floor of the ING office in London is still home to the famous Baring art collection, and the Baring Foundation, the charitable foundation.
Wholesale Banking is divided into several sub-divisions, including Structured Finance, Financial Markets, Transaction Services, and Corporate Finance. ING Wholesale Banking is a new name for ING Commercial Banking since January 20, 2016. This new name better reflects the large international corporate and institutional offerings that make up the bulk of the ING WB business.
Corporate finance
The Ministry of Finance ING Company advises businesses on important corporate transactions, including mergers and acquisitions, initial public offering, secondary offerings, share repurchases and management purchases. This division is led jointly by Maurits Duynstee (Head of Corporate Finance, Continental Western Europe) and Pierre Chabrelie (Head of Corporate Finance, UK and CEE).
ING Corporate Finance has a strong presence in Russia and Central and Eastern Europe.
Insurance
ING's insurance business operates throughout America, Asia and Europe.
In 2009, ING announced plans to separate its insurance business from its main banking operations through two IPOs, one for Europe and Asia and another for the US. EuroAsia IPO has been postponed while US IPO should be completed by the end of 2012. Analysts estimate that the insurance arm is worth up to EUR16 billion.
In February 2009, ING Canada (insurance arm) is no longer a subsidiary of ING Group. Ownership 70% of ING Group's shares were cut to US $ 2.2 billion. The Company (which has a share of 11% of the property market and Canada accident insurance) was later renamed Intact Financial Corporation in May 2009. ING Group continues to operate ING Bank of Canada, also known as ING Direct Canada.
ING sells its Malaysian insurance business to American International Assurance in October 2012 for a total of EUR1.3 billion.
ING Australia
ING Insurance Australia was purchased by ANZ in 2009, and renamed "OnePath" in 2010. ING Australia remains a subsidiary of ING Group.
ING Investment Management
ING Investment Management is the Group's premier asset manager and leading global asset manager. Against the Group's background that embodies its global ambitions, ING's Investment Management has also expanded across borders. Today, he is active in 33 countries, including some of the fastest growing countries in the world, such as China, India, Brazil, and many Eastern European countries. ING Investment Management operates along regional lines with expertise centers in Europe, America and Asia-Pacific.
ING Investment Management provides comprehensive solutions and investment services to clients and partners. It manages assets for institutional clients, fund distributors and ING labels, with approximately EUR326 billion in AUM. More than 3,200 professionals manage client funds globally.
In June 2014, ING announced its IPO from its investment management arm as part of a larger corporate restructuring. This business should be consolidated in NN Group and then floating. The IPO is priced on July 1, 2015. ING's Investment Management was later renamed the NN Investment Partner.
Former Division
ING Direct Canada
The history of ING in Canada began in 1997 when it established ING Direct Canada , the first ING Direct operation in the world. As of July 2011, ING Direct Canada has over 1.7 million clients, employs over 900 people and has assets of more than US $ 37.6 billion. ING Direct Canada operates five 'Save Your Money Cafà ©  © s' (branches) in major Toronto cities, MontrÃÆ' © al, Calgary and Vancouver.
Its products include savings accounts, tax-free savings accounts (TFSA), mortgages, retirement savings (RSP) packages, guaranteed investments (GIC), mutual funds, business accounts, and daily checking accounts at no cost. They are known for using referral programs as part of their ads, allowing members to refer friends where both referrers and referees receive cash bonuses.
On August 29, 2012, Scotiabank announced the acquisition of ING Direct Canada for $ 3.13 billion. The sale is completed on November 15, 2012. In November 2013, Scotiabank announced the rebranding of ING Direct Canada as Tangerine with a rebranding which came into effect on April 8, 2014.
ING Direct United Kingdom
ING Direct started operations in the UK in May 2003 and has more than one million subscribers in 2009. Operations based in Reading, where corporate headquarters are located and offices based in Cardiff. Banks market themselves as offering good customer service and high interest rates, which are usually higher than its high street competitors, but not always above the comparison table. The Bank took the award for its customer service and mortgage products in 2008 and 2009.
On October 8, 2008, ING bought the collapsed Iceland bank account savings account, Kaupthing Singer & amp; Friedlander, the UK Department of Finance used the 2008 Banking Act (Special Provisions) to transfer the deposit business of Edge Kaupthing to ING Direct. Through this, ING Direct took over responsibility for â ‰ ¤ 2.5 billion deposits of 160,000 British customers with Bank Iceland Kaupthing Edge.
ING Direct products in UK including Savings Account, ISA Cash, Mortgage and Home Insurance.
ING announced plans to exit Britain in August 2012, seeking to raise funds to repay the Dutch government. On Oct. 9, 2012 Barclays announced that it has agreed to buy ING Direct UK, taking a £ 10.9bn deposit and a 5.6bn mortgage book. ING said it will experience a tax loss after tax of EUR320m (£ 260m; $ 415m), which will involve the direct transfer of 750 ING staff and 1.5 million subscribers.
ING Direct United States
ING launched a version of ING Direct Bank saving the United States in 2000, with headquarters in Wilmington, Delaware. ING Direct is a member of the Federal Deposit Insurance Corporation (FDIC).
In September 2007, ING Direct acquired 104,000 subscribers and FDIC insured the assets of the failed NetBank virtual bank. Two months later, ING Direct acquired Sharebuilder online stock.
In June 2011, Capital One bought ING Direct USA from ING for US $ 9 billion (EUR6.3 billion). Sales completed on June 16, 2011. Between November 2012 and February 2013 ING Direct operations in the US are re-branded Capital One 360 ​​.
Sponsors
ING is sponsoring sporting events and art exhibitions around the world.
Sporting
For several years, ING is the premier marathon sponsor including New York City Marathon, Miami Marathon, Georgia Marathon, Marathon Luxembourg, Marathon Hartford, Philadelphia Distance Run, and San Francisco's Bay to Breakers.
ING is the premier global soccer sponsor (football), sponsoring the Dutch Football Association, the Belgian Football Association and the Asian Football Confederation (AFC).
ING is the main sponsor of Formula One Renault team from 2007 to 2009 season. It is the main sponsor of the Australian Grand Prix and the Belgian Grand Prix, the Hungarian Grand Prix and the Turkish Grand Prix. ING ended its sponsorship of Renault partly because of a reduction in advertising spending and partly due to controversy surrounding the Formula One Renault team.
It also sponsored the ING Cup cricket competition in Australia between 2001 and 2006, domestic limited competition.
Art
ING's sponsorships in the arts field include the National Museum of the Netherlands in Amsterdam (Rijksmuseum), New York's Museum of Modern Art, and the Royal Concertgebouw Orchestra. ING owns and owns its own collection of art in Belgium, Mexico, the Netherlands, Poland and the UK.
ING has sponsored the Amsterdam Gay Pride since 2008.
Education
ING is a strategic industry partner with Duisenberg financial school. ING provides a series of internships and helps with student loans to accepted students. Also, an in-house event was organized for Duisenberg financial school students to provide a better insight into the financial industry.
See also
- European Financial Services Roundtable
- Inter-Alpha Bank Group
References
External links
- Official website
Source of the article : Wikipedia
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