Title : ING Group - ING Bank
ING Group - ING Bank
The ING Group (Dutch: ING Groep) is a Dutch multinational managing an account and money related administrations enterprise headquartered in Amsterdam. Its essential organizations are retail keeping money, direct saving money, business saving money, venture saving money, resource administration, and protection administrations. ING is a shortened form for Internationale Nederlanden Groep (English: International Netherlands Group).
The Orange Lion on ING's logo is an implication to the Group's Dutch roots under the House of Orange-Nassau. ING is the Dutch individual from the Inter-Alpha Group of Banks, a helpful consortium of 11 unmistakable European banks. ING Bank was incorporated in a rundown of worldwide systemically imperative banks in 2012.
As indicated by the Fortune Global 500 in 2012, ING was the world's biggest saving money/budgetary administrations and protection aggregate by income with gross receipts surpassing $150 billion for every annum; general, it was the eighteenth biggest organization by income. Starting 2013, ING served more than 48 million individual and institutional customers in more than 40 nations, with an overall workforce surpassing 75,000.
History
Capital One Acquires ING's U.S. Internet Banking - Capital One Financial Corp. (NYSE:COF) has obtained ING Groep NV's United States internet keeping money business. Capital One purchased the internet keeping money business ...
ING Group traces its roots to two major Insurance companies in the Netherlands and the banking services of the Dutch government.
Insurance
In 1845 the fire insurance agency the Assurantie Maatschappij tegen Brandschade de Nederlanden van 1845 (Fire insurance agency of the Netherlands set up 1845) was established and developed to be the first insurance agency with branches outside the Netherlands, of which it had 139 the world over by 1900. It later changed its name to "De Nederlanden van 1845". After two decades in 1863 the extra security organization Nationale Levensverzekerings Bank (National Life Insurance Bank) was established in Rotterdam. These two insurance agencies would make various acquisitions before converging to shape the joined insurance agency the Nationale-Nederlanden in 1963. The consolidated insurance agency would extend essentially amid the 1970s and 1980s.Banking
In 1881 the Dutch government made the Rijkspostspaarbank, a postal reserve funds framework to urge laborers to begin sparing. After four decades they included the Postcheque and Girodienstservices permitting working families to make installments by means of post workplaces. Independently in 1927 the Dutch government started a rearrangement of Dutch banks which brought about the making of theNederlandsche Middenstands Bank (NMB). NMB's center was retail managing an account in the Netherlands and abroad.In 1986 the mail station saving money administrations were privatized as Postbank N.V. furthermore, after three years it would converge with NMB bank to frame NMB Postbank Groep.
Merger of banking and insurance
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.Further acquisitions
Since the ING Group was founded it has made several acquisitions:Overseas expansion
ING Group extended its worldwide business through various acquisitions through the 1990s including Belgium bank Banque Bruxelles Lambert (BBL) in 1998, US-based insurance agency Equitable of Iowa and the business bank Furman Selz. It additionally obtained Frankfurt based BHF-Bank in 1999, albeit discarded this later. It expanded its Latin American and Asia Pacific's protection organizations with the obtaining of ReliaStar and Aetna's Financial Services unit. It additionally obtained the Polish Bank Åšlä… ski and Mexican insurance agency Seguros Comercial Amã©rica.Then again, it was the 1995 buy of Barings Bank after its sensational disappointment that saw ING Group's speculation keeping money business supported altogether.
To extending its retail saving money business abroad, as opposed to make a branch system, it utilized the immediate managing an account plan of action it had create with NMB Postbank to dispatch an abroad direct keeping money organizations called ING Direct. The primary of these was situated up in Canada in 1997, this was soon followed in various different nations including the US, UK, Germany, France and Australia. The no nonsense, high rate investment accounts that could just be gotten to online were a fruitful wander and brought forth various comparable administrations from opponent
Capital injection and divestiture
In 2008 as part of the late-2000s financial crisis ING Group, together with all other major banks in the Netherlands, took a capital injection from the Dutch Government. This support increased ING's capital ratio above 8%, however as a condition of Dutch state aid, the EU demanded a number of changes to the company structure. This resulted in divestiture of a number of businesses around the world, which included insurance businesses in Latin America, Asia, Canada, Australia and New Zealand and the ING Direct unit 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.Global operations
ING has offices in:
Global headquarters
Recent notable transactions
Latin American divestment
In July 2011, ING divested all its Latin American insurance operations to the Colombian insurance group GrupoSura for US$3.85Â billion, excluding ING's 36 percent holding in Brazilian insurer Sul America which will be sold at a later date. Sul America 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.The actions are in line with EU demands to split the Group's banking and insurance operations as a condition of Dutch state aid (see below).
Capital injection and repayment
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 have been appointed to the Supervisory Board of the Group.
In Dec 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.
2012 Settlement with U.S. Treasury Department
On June 12, 2012, the U.S. 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 U.S. 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 U.S. dollar payments to ensure that its OFAC compliance program is functioning effectively to detect, correct, and report any OFAC-sanctioned transactions that might occur.
Activities
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 U.S. dollar payments and trade finance transactions through the United States. In addition, ING Bank's senior management in France authorized, 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. Moreover, ING Bank's Trade and Commodity Finance business at its Wholesale Banking branch in the Netherlands routed payments made on behalf of U.S.-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 U.S. financial institution to finance the exportation of U.S.-origin goods to Iran.Other notable activities:
- In 2004, ING Groep sold CenE Bankiers, which had previously been part of NMB, to F. Van Lanschot Bankiers.
- On March 25, 2005, the company was to announce the acquisition of a 19.9% stake in the Bank of Beijing and the deal was worth about 1.7 billion yuan, or $200 million.
- In January 2013, ING announced it had sold its 26% stake in India's Vysya Life Insurance to its joint partner Exide Industries.
ING U.S. IPO and Rebrand
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.Divisions
Retail banking
ING offers retail banking services in the Netherlands, Belgium, Luxembourg, Poland, Romania, Turkey, India, Thailand and China. 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. ING is followed by Rabobank (30%), ABN AMRO (20%), and others (10%).
Outside of the Benelux, ING's current focus is on Central & Eastern Europe, as well as certain high-growth regions in Asia. In India, ING has a 44% stake in ING Vysya Bank and is the Indian bank's largest shareholder. In China, ING has a 17% stake in the Bank of Beijing, the largest urban commercial bank in China. In Thailand, ING has a 30% stake in TMB Bank, a universal banking platform with a nationwide network.
ING Direct
ING Direct is the Group's brand for a branchless direct bank with operations in Australia, Austria, France, Germany, Italy, and Spain. It offers services over the web, phone, ATM or by mail. The service currently focuses on simple interest-bearing savings accounts for retail customers. ING Direct Italy 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 Direct Australia
ING Direct 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, Business accounts, Term deposits, Home loans and Superannuation.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) Limited.
ING Direct Canada
ING's history in Canada dates 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 August 29, 2012, Scotiabank announced that it would acquire 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 United Kingdom
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 has picked up awards for its customer services and mortgage product in 2008 and 2009.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. 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 after ING lowered the exceptional high rate the collapsed Kaupthing was previously paying.
ING Direct products in the UK included Savings Accounts, Cash ISAs, Mortgages and Home insurance.
ING announced a plan to exit the UK in August 2012, as it sought to raise funds to repay a bailout from 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.
ING Direct United States
ING launched a United States version of ING Direct savings bank in 2000, with headquarters in Wilmington, Delaware. ING Direct was a member of the Federal Deposit Insurance Corporation (FDIC).In September 2007, ING Direct acquired 104,000 customers and FDIC insured assets from the failed virtual bank NetBank. Two months later, ING Direct acquired online stock broker Sharebuilder.
In June 2011, Capital One purchased ING Direct USA from ING for US$9 billion (€6.3 billion). The sale was completed on June 16, 2011 with the CEO of ING Group at that time Jan Hommen saying the sale "marks a further important step in the restructuring of ING Group. Yet at the same time we are saying goodbye to a very successful business and a dedicated team...".
On November 7, 2012, Capital One announced that ING Direct's U.S. operations would be re-branded as Capital One 360 and this was completed in February 2013.
Commercial banking
ING Commercial Banking provides banking and financial services to corporations and other institutions. The primary geographic focus of the commercial 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 Commercial 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 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 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, and the Baring Foundation, a charitable foundation.
Commercial Banking is divided into a number of sub-divisions, including Structured Finance, Financial Markets, Transaction Services and Corporate Finance.
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.ING Corporate finance has a strong presence in Russia and Central and Eastern Europe. In 2009 ING advised Mobile TeleSystems OJSC (MTS), Russia's largest mobile operator, in its acquisition of a 51% stake in Comstar UTS for USD 1.27bn, and Russia-focussed oil producer, Exillon Energy on its USD 100m IPO.
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 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$2.2Â 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 sold its Malaysian insurance business to American International Assurance in October 2012 for a total of €1.3 billion.
ING Australia
ING Insurance Australia was purchased by ANZ in 2009, and rebranded as "OnePath" in 2010. ING Direct Australia remains a subsidiary of ING group.ING Investment Management
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.
Sponsorships
Sporting
For several years, ING has been the title sponsor of 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 global sponsor of football, sponsoring the Royal Dutch Football Association, Royal Belgian Football Association and the Asian Football Confederation (AFC).
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.
Arts
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 sponsored the Amsterdam Gay Pride of 2008.
Education
ING is one of the strategic industry partners 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 organized for Duisenberg school of finance students to give better insight on the financial industry.Lawsuit
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