What is Ing Group?

ING Group N.V.
	Public (Euronext: INGA, NYSE: ING)
Founded	1991
Headquarters	Amsterdam, the Netherlands
Key people	Michel Tilmant, CEO (since May 2004) Cornelius Herkströter, Chairman (since 2004) Cees Maas, CFO
Industry	Financial services
Products	Banking Insurance Asset management
Revenue	€ 73.621 billion (2006)
Operating income	€ 9.940 billion (2006)
Net income	€ 8.033 billion (2006)
Employees	115,218
Website	www.ing.com

ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep.

As of 2003, ING covers 60 million private, corporate and institutional clients in 50 countries with a workforce of over 115,000 people. It has offices in Canada, Peru, Chile, Spain, France, Italy, Romania, Mexico, the United States, Germany, UK, Belgium, Poland, Austria, Taiwan, Federation of Bosnia and Herzegovina and Australia. It owns ING Direct, a virtual bank with operations in Australia, Canada, the USA, UK, Spain and elsewhere. In the 2007 Forbes Global 2000, ING was the tenth-largest company in the world.

ING's headquarters in Amsterdam is somewhat renowned as an autonomous building.

Advertising and sponsorship

ING's Canadian commercials feature Dutch actor Frederik de Groot. In Australia, they feature Scottish comedian Billy Connolly.

From 2007, ING became the title sponsor of the Renault Formula One team. This will continue until at least 2009. In November 2006, ING was announced as the naming rights sponsor of the Australian Grand Prix in a three-year deal; The "ING Australian Grand Prix" will be the first of the 2007 season.

History

The company was created from the 1990 merger of Nationale-Nederlanden and NMB Postbank Groep.

• 1995: ING acquired investment bank and investment management firm Barings.
• 1997: ING acquired insurer Equitable of Iowa Companies.
• 1997: ING opened ING Direct Canada.
• 1998: ING acquired Banque Bruxelles Lambert (BBL) of Belgium.
• 1999: ING acquired BHF-Bank of Germany.
• 2000: ING acquired US insurers ReliaStar, Aetna Financial Services and Aetna International.
• 2000: ING opened ING Direct USA.
• 2001: ING acquired Bank Śląski of Poland, and insurer Seguros Comercial America of Mexico.
• 2002: ING acquired DiBa bank of Germany
• 2004: ING Insurance Company of Canada acquired Allianz Canada
• 2004: ING sold BHF-Bank of Germany to Sal. Oppenheim
• 2006: ING opened ING Life Bulgaria, a branch of ING Life Hungary.
• 2007: ING acquired Oyak bank of Turkey
• 2007: ING launched its first variable annuities product for the European market in Spain
• 2008: ING acquired Adrian Banka of Federation of Bosnia and Herzegovina

Investigations into investment and business practices

Over the past several years, the ING Group has come under considerable scrutiny over the ethics of some of their business practices. In October of 2005, the National Association of Securities Dealers (NASD), the leading private-sector provider of financial regulatory services, ordered ING Funds Distributor (IFD) to pay fines of $1.5 million for permitting improper market timing in ING funds and related violations, $1.4 million in restitution to affected mutual funds, and $25,000 fine and 30-day supervisory suspension on an IFD supervisor.^[1]

On 2002-09-07 ING increased its stake in the equity from 20% to 43.99% in the erstwhile The Vysya Bank Ltd as a result of which The Vysya Bank Ltd changed its name to ING Vysya Bank Ltd.

See also

• ING Direct
• European Financial Services Roundtable
• Renault F1 Team

References

External links

• ING.com ING Group mobile
• Pictures of the ING Group Headquarters, Amsterdam
• ING Direct U.S. rate history (2001-present)

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