The ING Group (Dutch: ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is an abbreviation for Internationale Nederlanden Groep (English: International Netherlands Group).
The orange lion on ING's logo alludes to the Group's Dutch origins. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks. ING Bank was included in a list of global systemically important banks in 2012.
|ING Groep N.V.|
|Traded as||Euronext: INGA |
|Founded||1991 through merger|
(est. 1743 as Kooger Doodenbos)
|Revenue||€17.77 billion (2017)|
|€7.27 billion (2017)|
|€4.99 billion (2017)|
|Total assets||€846 billion (2017)|
|Total equity||€50 billion (2017)|
Number of employees
ING Group traces its roots to two major insurance companies in the Netherlands and the banking services of the Dutch government.
In 1845, fire insurance company the Assurantie Maatschappij tegen Brandschade de Nederlanden van 1845 ("Fire Insurance Company of the Netherlands of 1845") was founded. It grew to be the leading Dutch insurance company with branches outside the Netherlands (139 the world over by 1900). It later changed its name to "De Nederlanden van 1845". Two decades later, in 1863, the life insurance company Nationale Levensverzekerings Bank ("National Life Insurance 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-organisation of Dutch banks which resulted in the creation of the Nederlandsche Middenstands Bank (NMB). NMB's focus was retail banking in the Netherlands and abroad.
In 1986, post office banking services were privatised 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, after changes in regulation that allowed banks and insurance businesses to work together.
Since the ING Group was founded, it has made several acquisitions:
|Equitable of Iowa||1997||Insurance|
|Bank Mendes Gans||1997||Banking|
|Bank Brussels Lambert||1998||Banking|
|Canadian Group Underwriters||1999||Insurance|
|Seguros Comercial América||2001||Insurance|
|Allianc of Canada||2004||Insurance|
|Rodamco Asia||2004||Asset Management|
ING Group expanded its international business through a number of acquisitions through the 1990s including Belgian bank Banque Bruxelles Lambert (BBL) 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's insurance businesses with the acquisition of ReliaStar and Aetna's Financial Services unit. It also acquired the Polish Bank Śląski and Mexican insurance company Seguros Comercial América.
Expanding its retail banking business overseas, rather than create a branch network, it used the direct banking business model it had developed with NMB Postbank to launch overseas direct banking businesses formerly called ING Direct (and later renamed to ING between 2017 and 2019). The first of these was set up in Canada in 1997, and was soon followed in a number of other countries including the US, UK, Germany, Spain, Italy, France and Australia. The no frills, high rate savings accounts that could only be accessed online were a successful venture and spawned a number of similar services from rival banks. In many ways, these direct banks preceded the digital revolution and move towards branch-less banking.
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 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.
In November 2003, ING Groep N.V. appointed Michel Tilmant, Vice-Chairman of the executive board, as its new chairman and successor to Ewald Kist.
ING has offices in:
Following the separation of ING Group into ING Bank and ING Insurance, the head office of ING Bank and ING Group is the Amsterdamse Poort building as of September 2012. Building works are currently underway to build a new campus-style headquarters close by with completion expected in late 2019.
ING House was the head office of NN Group and located in the business district of Zuidas in Amsterdam, Netherlands from 2012 to 2014. It was designed by Roberto Meyer and Jeroen van Schooten (Meyer en Van Schooten) and was officially opened on 16 September 2002 by then Prince Willem-Alexander of the Netherlands. The light-infused building features a 250-seat auditorium, foyer, restaurants, library and an extensive art collection.
In July 2011, ING sold all its Latin American insurance operations to the Colombian insurance company Grupo Sura for US$3.85 billion, excluding ING's 36 percent holding in Brazilian insurer SulAmérica Seguros which will be sold at a later date. SulAmérica Seguros officially started operating the ING Investment Management, Wealth Management, Retire Funds and Pension businesses in Latin America (Chile, Colombia, Mexico, Peru and Uruguay) on February 13, 2012. ING Commercial Bank will keep its operations in Mexico.
In October 2008, in a move to increase its core Tier 1 capital ratio above 8%, ING Group accepted a capital injection plan from the Dutch Government. The plan supplied €10 billion (US$13.5 billion) to the operation, in exchange for securities and veto rights on major operational changes and investments. The European Commission also 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.
Wouter Bos, the Dutch Finance Minister at the time, said the Dutch government's investment was done as a means of fortifying the bank to weather the financial crisis. Management stated that the capital injection shall have no 'dilutive' impact to existing shareholders. As part of the agreement, two government advisers were appointed to the Supervisory Board of the Group.
In December 2009, ING raised €7.3 billion through share issues, and repurchased securities representing half of the €10 billion in state aid. It repurchased another €2 billion in May 2011 (at a 50% premium), and looked to complete the repayments by May 2012. However, in January 2012 it cited eurozone conditions in putting the repayment timetable as 2012-2013 for the remaining €3 billion. The final tranche of EUR 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.
On 12 June 2012, the US Department of the Treasury's Office of Foreign Assets Control announced a $619 million settlement with ING Bank N.V. to settle potential liability for conspiring to violate the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) and for violating New York state laws by illegally moving billions of dollars through the U.S. financial system on behalf of sanctioned Cuban and Iranian entities. ING Bank's settlement with OFAC is simultaneous with settlements with the US Attorney's Office for the District of Columbia, the Department of Justice's National Security Division, the Department of Justice's Asset Forfeiture and Money Laundering Section and the New York County District Attorney's Office.
Under the settlement agreement, ING Bank is required to conduct a review of, and to submit a report to OFAC regarding, its policies and procedures and their implementation, taking an appropriate risk-focused sampling of US dollar payments to ensure that its OFAC compliance program is functioning effectively to detect, correct, and report any OFAC-sanctioned transactions that might occur.
Beginning in the 1990s, at the instruction of senior bank management, ING Bank employees in Curaçao began processing payments for ING Bank's Cuban banking operations through its branch in Curaçao on behalf of Cuban customers without reference to the payments' origin. The practice of removing and omitting such information was used by other branches of ING Bank's Wholesale Banking Division, including in France, Belgium, and the Netherlands, in processing US dollar payments and trade finance transactions through the United States. In addition, ING Bank's senior management in France authorised, advised in the creation of, and ultimately provided fraudulent endorsement stamps for use by Cuban financial institutions in processing travelers check transactions, which disguised the involvement of Cuban banks in these transactions when they were processed through the United States. ING Bank's Trade and Commodity Finance business at its Wholesale Banking branch in the Netherlands routed payments made on behalf of US-sanctioned Cuban clients through other corporate clients to obscure the sanctioned clients' identities and its Romanian branch omitted details from a letter of credit involving a US financial institution to finance the exportation of US-origin goods to Iran.
Other notable activities:
In 2013, ING U.S. was spun off in an initial public offering ahead of its planned rebranding as Voya Financial. As of 2014, ING Group is no longer the controlling shareholder of its former subsidiary, owning 47% of its shares. By 2018 ING had sold all of its shares.
Separate to ING Direct businesses, 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 by total assets. ING is followed by Rabobank (30%), ABN AMRO (20%), and others (10%).
ING offers branchless banking with operations in Australia, France, Italy, Spain, Germany and Austria. It offers services over the counter, web, phone, ATM or by mail. The service concentrates on simple interest-bearing savings accounts for retail customers. Originally created as ING Direct, these branches were renamed to ING between 2017 and 2019.
ING in Australia was established in 1999 and is headquartered in Sydney, offering banking online and via telephone. Its products in Australia include transaction accounts, savings accounts, credit card, business accounts, term deposits, home loans and superannuation.
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-DiBa is Germany's third biggest bank by the number of customers (c. 9 million). In 2016, the bank reported total assets of €158 billion and had around 3,900 employees. ING bought 49% of Allgemeine Deutsche Direktbank AG in 1998, which as of 1989 traded as DiBa. It acquired a further 21% of the company in 2002 and the remainder by 2003. By 2007, the company was trading under its current name, ING-DiBa. In November 2018, the bank changed its name to ING.
Founded in 2000, ING in France has around 1 million customers. It started offering current accounts in 2009 and home loans in 2015. Formerly ING Direct, the bank changed its name to ING in January 2019.
Founded in 2001, ING in Italy has around 1.3 million customers. It is currently opening its own "bank shops" in the major towns, where customers can operate services on usual web channels, assisted or not by branch operators, and use advanced teller machines for cash and check transactions.
ING Wholesale Banking provides banking and financial services to corporations and other institutions. Boasting a huge network, the primary geographic focus of the wholesale banking business is 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 Wholesale Banking was strengthened in 1995, when ING took over Barings Bank. This acquisition increased the brand recognition of ING around the world and strengthened its Wholesale 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 combined with ING's other wholesale banking operations. However, the top floor of ING's London office is still home to the famous Baring art collection, and the Baring Foundation, a charitable foundation.
Wholesale Banking is divided into a number of sub-divisions, including Structured Finance, Financial Markets, Transaction Services and Corporate Finance. ING Wholesale Banking is the new name for ING Commercial Banking as of January 20, 2016. The new name better reflects the large corporate and institutional, international offering that makes up the vast majority of ING WB's business.
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).
ING Corporate Finance has a strong presence in Russia and Central and Eastern Europe.
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 IPO's, one for Europe and Asia and another one for the US. The EuroAsia IPO has been delayed while the US IPO is supposed to be completed by the end of 2012. Analysts estimate that the insurance arm is worth up to €16 billion.
As of February 2009, ING Canada (the insurance arm) is no longer a subsidiary of ING Group. ING Group's 70% equity interest was spun off for US$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 Group continued to operate ING Bank of Canada, also known as ING Direct Canada.
ING Investment Management is the principal asset manager of the Group and a leading global asset manager. Against the background of the Group realizing its global ambitions, ING Investment Management has also expanded across borders. Today, it is active in 33 countries, including some of the world's fastest-growing economies, such as China, India, Brazil and many Eastern European nations. ING Investment Management operates along regional lines with centers of expertise in Europe, the Americas and Asia-Pacific.
ING Investment Management provides a comprehensive range of investment solutions and services to clients and partners. It manages assets for institutional clients, fund distributors and ING labels, with approximately €326 billion in AUM. Over 3,200 professionals manage client funds globally.
In June 2014, ING announced the IPO of its investment management arm as part of a wider corporate restructuring. The business are to be consolidated in NN Group and subsequently floated. The IPO was priced on 1 July 2015. ING Investment Management was subsequently rebranded as NN Investment Partners.
ING's history in Canada dates back to 1997 when it founded ING Direct Canada, the first ING Direct operation in the world. As of July 2011, ING Direct Canada had over 1.7 million clients, employed over 900 people and had over US$37.6 billion in assets. ING Direct Canada operated five 'Save Your Money Cafés' (branches) in the major cities of Toronto, Montréal, Calgary and Vancouver.
Its products included savings accounts, tax-free savings accounts (TFSAs), mortgages, retirement savings plans (RSPs), guaranteed investments (GICs), mutual funds, business accounts and a no-fee daily checking accounts. They were known for using a referral program as part of their advertising, allowing members to refer friends whereby both the referrer and referee receive a cash bonus.
On 29 August 2012, Scotiabank announced the acquisition of ING Direct Canada for $3.13 billion. The sale was completed on November 15, 2012. In November 2013, Scotiabank announced the rebranding of ING Direct Canada as Tangerine with the rebranding taking effect on April 8, 2014.
ING Direct began operations in the UK in May 2003 and had over one million customers by 2009. Operations were based in Reading, where the company head office was situated as well as an office based in Cardiff. The bank marketed itself as offering good customer service and high interest rates, which were usually higher than its high street competitors, but not always top of comparison tables. The bank picked up awards for its customer services and mortgage product in 2008 and 2009.
On 8 October 2008, ING purchased the savings accounts of 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. Through this, ING Direct took over responsibility for £2.5 billion of deposits of 160,000 UK customers with the Icelandic bank Kaupthing Edge.
ING announced a plan to exit the UK in August 2012, as it sought to raise funds to repay the Dutch government. On 9 October 2012 Barclays announced that it had agreed to buy ING Direct UK, taking on its £10.9bn deposits and £5.6bn mortgage book. ING said it would incur a €320m (£260m; $415m) after-tax loss on the sale, which would involve the transfer of 750 ING Direct staff and 1.5 million customers.
In June 2011, Capital One purchased ING Direct USA from ING for US$9 billion (€6.3 billion). The sale was completed on 16 June 2011. Between November 2012 and February 2013 ING Direct's U.S. operations were rebranded Capital One 360.
ING sponsors sporting events and artistic exhibitions throughout the world.
For several years, ING was the title sponsor of marathons including the New York City Marathon, the Miami Marathon, the Georgia Marathon, the Luxembourg Marathon, the Hartford Marathon, the Philadelphia Distance Run and San Francisco's Bay to Breakers.
ING was the title sponsor of the Renault Formula One team from the 2007 season to the 2009 season. It was 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.
It also sponsored the ING Cup cricket competition in Australia between 2001 and 2006, a domestic limited overs competition.
ING's sponsorships in the arts include the Dutch National Museum in Amsterdam (the Rijksmuseum), the New York Museum of Modern Art, and the Royal Concertgebouw Orchestra. ING owns and houses proprietary art collections in Belgium, Mexico, the Netherlands, Poland and the United Kingdom.
ING is a strategic industry partner with Duisenberg school of finance. ING provides a series of internships and assists with student loans to the accepted students. Also, in-house events are organised for Duisenberg school of finance students to give better insight on the financial industry.
In September 2018 ING agreed to pay EUR 775 million to end a money laundering probe.
Adrianus G. Jacobs (born 1936) is a Dutch businessman, the former chairman of Royal Dutch Shell from 2004 to 2006, and of ING Group from 1992 to 1998.Jacobs has been a director of numerous companies. In 2002, Jacobs was inducted into the Insurance Hall of Fame.Bank Brussels Lambert
Bank Brussels Lambert (BBL, French: Banque Bruxelles Lambert) was a Belgian bank that was created through merger in 1975 and became part of ING Group in 1998. It provided retail and commercial banking services to individuals and businesses in Belgium, together with related financial products such as insurance and asset management.
It was formed by the merger of two existing Belgium banks Banque de Bruxelles and Banque Lambert in 1975 making it at that time the second largest Belgian bank. It was sold to ING Group in 1998 who renamed the subsidiary ING Belgium.Bank Mendes Gans
Bank Mendes Gans (BMG) is a Dutch bank specialising in international cash management services. Founded in 1883 and located in the centre of Amsterdam, the Netherlands, BMG is an independently operated subsidiary of the ING Group (as part of Commercial Banking).Bank of Beijing
Bank of Beijing Co., Ltd. (abb. BOB) is an urban commercial bank based in Beijing, China. According to the bank, most of the revenue came from Beijing, despite that the banking group had more than half of the branches located outside the direct-controlled municipality (As of 31 December 2017, 302 out of 559 branches were located outside Beijing). Beijing Municipal People's Government and the Netherlands-based multinational bank ING Bank were the major shareholders of the bank. As of 31 December 2017, ING owned 13.03%, Beijing municipal government, via Beijing State-owned Assets Management, owned 8.63% ordinary shares, as well as additional 8.59% shares owned via Beijing Energy Investment Holdings. The third largest shareholder, Macro-Link Holding (Chinese: 新华联控股), was a private company.As of April 2018, the bank, as a listed company, is a constituent of SSE 180 Index, as well as its sub-index, the blue chip SSE 50 Index. It was also part of pan-China indexes such as FTSE China A50 Index and CSI 100 Index.
The bank was ranked as the 73th in the world (and 15th in the mainland China) in 2017 Top 1000 World Banks by The Banker magazine, in terms of banks' equity; (77th in 2016) it was ranked 155th in 2010 (12th inside the mainland China).Barings Bank
Barings Bank was a British merchant bank based in London, and the world's second oldest merchant bank (after Berenberg Bank). It was founded in 1762 by Francis Baring, a British-born member of the German-British Baring family of merchants and bankers.The bank collapsed in 1995 after suffering losses of £827 million (£1.5 billion today) resulting from poor speculative investments, primarily in futures contracts, conducted by its employee Nick Leeson, working at its office in Singapore.Cees Maas
Cees Maas (born May 1, 1947, Middelburg) is a former chief financial officer and vice chairman of the executive board for ING Group. He has been with the company since 1992 and became CFO in 1996. He graduated from Erasmus University Rotterdam with a degree in physical engineering and a master's degree in economics.
Cees Maas was a member of the Executive Board of ING Group from 1992-2007. In 1996, he was appointed Chief Financial Officer, and in 2004 became Vice Chairman of the Executive Board. Between 1976 and 1992, he worked at the Ministry of Finance, serving as Treasurer-General between 1986 and 1992. He is Chairman of the Supervisory Board of The Currency Exchange (TCX) Fund N.V. and the Erasmus Medical Centre, member of the Supervisory Board of BCD Holding N.V., Chairman of the Board of the Foundation 4 and 5 May, member and European Treasurer of the Trilateral Commission, member of the Capital Markets Consultative Group (IMF) and the International Advisory Board of the National Bank of Kuwait. He is also member of the Supervisory Board of [FMO], the Dutch development bank.
On 26 April 2007, Maas was made an Officer of the Order of Orange-Nassau by Queen Beatrix of the Netherlands. The honour was presented by Wouter Bos, the then Minister of Finance of the Netherlands.Frederik de Groot
Frederik Percy de Groot (born 23 May 1946 in Bilthoven) is a Dutch actor. In the Netherlands he appeared in the detective series Bureau Kruislaan and its spin-off Unit 13.
He is best known, however, in Canada where he was the television spokesman for ING Direct for many years. The marketing campaign was developed by GWP Brand Engineering. They picked an actor with a foreign accent so that customers would not be surprised to learn the bank was also foreign. De Groot also speaks French, and is unusual among Canadian spokespeople for also appearing in the company's French Canadian language spots.
He has been married since 1997 to Marja Bakker. He has three children: Elwin and Oliver de Groot and Genevieve Gaunt. Genevieve Gaunt is also an actress, and portrayed Pansy Parkinson in Harry Potter and the Prisoner of Azkaban.
Frederik and his wife Marja own theatre company Living Productions – Hoorn (www.livingproductions.nl)Hans van der Noordaa
Hans van der Noordaa (born 26 February 1961, Enschede, Netherlands) is a Dutch top manager, CEO of the banking and insurance ING Group Asia, Africa and Australia and the Postbank N.V.ING Australia
ING Bank (Australia) Limited (trading as ING since 2017, and as ING DIRECT 1999-2017) is a direct bank operating in Australia. It is a wholly owned subsidiary of the multinational Dutch bank, ING Group. ING Australia holds an Australian banking licence as a foreign subsidiary company.ING operates through a number of controlled entities: trusts and the primary bank division, ING, which operates under the segments of Mortgages, Savings, Everyday Banking, Consumer Lending, Superannuation, Insurance and Commercial Lending.ING Australia was founded in 1999 as a subsidiary of ING Group, and was Australia's first direct bank and has since grown to become the largest mortgage lender outside of Australia's big four banks. ING scores favourably with customer satisfaction and has the highest net promoter score of any financial institution in Australia.As of December 2016, the bank had 1.7 million customers and over 500,000 transaction accounts. In December 2015, ING had a mortgage portfolio valued at AU$38.6 billion and AU$1.6 billion super funds under management, with 34,000 active superannuation accounts in 2014.ING Bank Śląski
ING Bank Śląski SA (eng. ING Silesian Bank) (ING BSK) is a Polish bank based in Katowice. The majority owner is ING Group.ING Belgium
ING Belgium is the Belgian subsidiary of the ING Group, an international banking company. The bank was formerly known as Bank Brussel Lambert which became part of ING Group in 1998. It provides retail and commercial banking services to individuals and businesses in Belgium, together with related financial products such as insurance and asset management.ING House
ING House is the former headquarters of ING Group at the business district Zuidas of Amsterdam, the Netherlands. It is nicknamed the shoe or the dustbuster (Dutch: de kruimeldief). The postmodern design is by Amsterdam-based architects Meyer and Van Schooten (Meyer en Van Schooten). The construction, which took place from November 1999 to September 2002, was undertaken by Heijmans.The building is constructed like a table on 16 angled steel legs. These are independent of each other, resting on pins in large concrete blocks in the ground, a technique also found in bridge construction. On this platform the floors are built. The belly of the building on the second floor is actually at the height of the highway, as the ground is lower than the highway. From the third floor one has a view of the highway.
In 2012, the headquarters of ING Group moved to the Bijlmermeer. In 2014, ING subsidiary Nationale-Nederlanden also moved from the building.ING Vysya Bank
ING Vysya Bank was a privately owned Indian multinational bank based in Bangalore, with retail, wholesale, and private banking platforms formed from the 2002 purchase of an equity stake in Vysya Bank by the Dutch ING Group. This merger marked the first between an Indian bank and a foreign bank. Prior to this transaction, Vysya Bank had a seven-year-old strategic alliance and shareholding arrangement with erstwhile Belgian bank Banque Bruxelles Lambert, which was also acquired by ING Group in 1998.
As of March 2013, ING Vysya was the seventh largest private sector bank in India with assets totaling ₹54,836 crore (US$7.6 billion) and operating a pan-India network of over 1,000 outlets, including 527 branches, which serviced over two million customers. ING Group, the highest-ranking institutional shareholder, held a 44% equity stake in ING Vysya Bank, followed by Aberdeen Asset Management, private equity firm ChrysCapital, Morgan Stanley, and Citigroup, respectively.ING Vysya had been ranked the "Safest Banker" by the New Indian Express and among "Top 5 Most Trusted Private Sector Banks" by the Economic Times.On 20 November 2014, in an all-stock amalgamation, ING Vysya Bank decided to merge with Kotak Mahindra Bank, creating the fourth largest private sector bank in India. On 1 April 2015, the Reserve Bank of India approved the merger. On 15 May 2016 the whole merger process was completed.Karien van Gennip
Catharina Elisabeth Godefrida (Karien) van Gennip (born 3 October 1968 in Leidschendam) is a former Dutch politician for the Christian Democratic Appeal (CDA). In 2008 she was appointed Director European & International Affairs for ING Group.From 2003 to 2007 she was State Secretary of Economic Affairs in the second and third Balkenende cabinet, and from 2006 to 2008 she was a member of the House of Representatives.
Van Gennip studied engineering physics at Delft University of Technology, and obtained an MBA at INSEAD Fontainebleau. She worked at McKinsey & Company in Amsterdam and San Francisco, and as project leader reorganisation at the Netherlands Authority for the Financial Markets.
About her maternity leave during her position as a State Secretary she wrote a column in women's magazine Margriet.Michel Tilmant
Michel Tilmant (born 21 July 1952) is a banker and the former CEO of ING Group, a globally operating banking and insurance business based in the Netherlands.NN Group
NN Group N.V. is the parent company of Nationale-Nederlanden (NN) (Dutch pronunciation: [nɑ(t)ʃionaːlə neːdərlɑnde(n)]) and NN Investment Partners. Nationale-Nederlanden is one of the largest insurance and asset management companies in the Netherlands. NN Group is headquartered in The Hague, its office in Rotterdam is located in the skyscraper Gebouw Delftse Poort, which was the tallest skyscraper in the Netherlands until 2009. Aside from these two offices, the company has an office in Ede (former RVS) but no other main offices in the Netherlands, instead NN mainly relies on independent intermediaries for selling insurance.
On 23 December 2016, NN Group reached an agreement to acquire competitor Delta Lloyd Group for 2.5 billion Euro.Postbank N.V.
The Postbank was a large Dutch bank, which went on to become part of ING Group. It had 7.5 million private account holders and was one of the largest providers of financial services in the country. It provided current and savings accounts, loans, mortgages, insurance, investments and pensions. As opposed to other banks, it had no branches but operated completely through land mail, telephone and online banking, although some operations have traditionally been available through post offices.
It was founded in 1881 by the national government as the Rijkspostspaarbank (National Postal Savings Bank). In 1986 it was privatised, together with the Postgiro service, as the Postbank. A merger in 1989 with the NMB Bank led to the creation of NMB Postbank Groep, and a further merger with insurer Nationale Nederlanden in 1990 created the ING Group. On the 16th of May 2007, ING Group announced plans to merge its ING Bank subsidiary with Postbank to form a single brand. The new organisation, launched in February 2009, is called ING and has approximately 8.3 million unique private account holders.Renault R29
The Renault R29 is a Formula One racing car designed by the Renault F1 Team, with which they contested the 2009 Formula One World Championship (originally as ING Renault F1 Team, then, following loss of title sponsorship from the ING Group after "Crashgate", Renault F1 Team). Coming off a resurgent second half of the previous year, the team expected to be fighting for both the drivers and constructors titles. Instead, the car proved to be disappointing. Fernando Alonso scored all of the team's 26 points. In the hands of either of Alonso's team mates, the car was often towards the back of the field with Nelson Piquet, Jr. and Romain Grosjean often failing to reach Q2. Unlike many other 2009 cars that began the year uncompetitively, such as the McLaren MP4-24, the R29 showed no sign of improvement throughout the season, and arguably became less competitive over the course of the year, despite Alonso's third place in Singapore, which was Renault's only podium finish of the season.Tangerine Bank
Tangerine Bank, operating as Tangerine, is a Canadian direct bank and a subsidiary of Scotiabank. It offers no-fee chequing and savings accounts, Guaranteed Investment Certificates (GIC), mortgages, and mutual funds (through a subsidiary). Many savings and investment products are eligible for registration under a Tax-Free Savings Account (TFSA), Registered Retirement Savings Plan (RRSP), or Registered Retirement Income Fund (RRIF). Despite being a subsidiary of Scotiabank it retains its former separate Institution Number 614.
Founded by ING Group in 1997 as ING Direct Canada, the bank was acquired by Scotiabank in 2012. The new name for the bank was revealed in November 2013, and was rolled out beginning in April 2014.