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ING Group N.V. (NYSE: ING, Euronext: INGA) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING is an abbreviation of Internationale Nederlanden Groep (English: International Netherlands Group). As of 2009, ING Group covers 85 million private, corporate and institutional clients in over 40 countries with a workforce of over 125,000 people. It owns ING Direct, a virtual bank with operations in Australia, Canada, France, Italy, Spain, UK, US and elsewhere. In the 2009 Forbes Global 2000, ING is the eighth-largest company in the world.
[edit] International operationsING has offices in:
[edit] 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 and Belgian Grand Prix in a three-year deal; The "ING Australian Grand Prix" was the first race in the 2007 season. ING has also become the title sponsor of the Hungarian Grand Prix, making it the "ING Magyar Nagydíj", the "2007 ING Belgian Grand Prix" and in 2009, the title sponsor of the Turkish Grand Prix as the company rebrands Oyak Bank. Regarding their Formula One sponsorship, ING announced on February 16, 2009 that "In light of the recently announced cost reduction programme, ING confirmed that it would not renew the three year sponsorship (2007-2009) contract with Renault F1 and to end its presence in F1 beyond the 2009 season," a statement from ING read. "ING's participation in Formula One was the company's first global sponsorship project aimed at delivering revenue and raising the global brand awareness, particularly in ING's key growth markets. "Over the past two years, ING has successfully achieved its objectives for the F1 sponsorship, raising its overall global brand awareness by 16% (March 7 vs November 8). "F1 remains a powerful business driver even in a difficult economic climate. Whilst ING has cut the F1 sponsorship costs by 40% in the final year, revenue generating opportunities will be a continuing focus through 2009. "ING has enjoyed the relationship with Renault F1 and will continue to work closely with the team during the final year of the partnership." ING withdrew from the deal early in the wake of the crashgate affair.[2] For several years, ING has been the title sponsor of the New York City Marathon and the San Francisco famous Bay to Breakers. This sponsorship deal will continue until 2010. ING is also a major sponsor of football, sponsoring the Dutch National Soccer Team and the AFC [3].   [edit] HeadquartersING House, ING's headquarters, is located near Schiphol airport in Amsterdam. Designed by Roberto Meyer and Jeroen van Schooten, the light-infused building features loggias, patios and interior gardens. The edifice is supported by posts of 9 to 12 meters (30 to 39ft). It is considered an autonomous building. [edit] History
[edit] Investigations into investment and business practicesOver the past several years, the ING Group has come under scrutiny over the ethics of some of their business practices in the U.S. In October 2005, the National Association of Securities Dealers (NASD), the leading private-sector provider of financial regulatory services in the United States, 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 a $25,000 fine and 30-day supervisory suspension on an IFD supervisor.[10] [edit] Recent troubles[edit] Capital injectionOn Sunday October 19, 2008, in a move to increase its core Tier 1 capital ratio to above 8%, ING Group accepted a capital injection plan by the Dutch Government. The plan will supply €10 billion (US$13.5 billion) into the operation, in exchange for securities, and veto rights on major operations and investments[11]. Wouter Bos, the Dutch finance minister, said that this was done as a means of fortifying the bank as the bank is in a sound financial state, to weather the financial crisis. Management said that the capital injection shall have no dilutive impact to existing shareholders. As part of the 'loan' agreement, two government advisers have been appointed to the supervisory board. [edit] LayoffsIn January 2009, ING announced plans to cut 7,000 jobs[12] and its CEO stepped down[13]. [edit] ING Direct ING Direct is ING Group's marketing name for a branchless direct bank with operations in Australia, Canada, France, Germany (branded ING-DiBa), Austria (branded ING-DiBa), Italy, Spain, the United Kingdom and the United States. It offers services over the Internet, phone, ATM or by mail. [edit] ING Direct CanadaING Direct Canada was founded in 1997. ING Direct Canada opened four cafés in major cities of Toronto, Montréal, Calgary and Vancouver[14]. It offers
ING Direct Canada is a member of the Canadian Bankers Association (CBA) and registered member with the Canada Deposit Insurance Corporation (CDIC), a federal agency insuring deposits at all of Canada's chartered banks. In Canada, ING DIRECT has four Save Your Money Café locations - Toronto, Montreal, Calgary, and Vancouver. [edit] ING Direct United StatesING Direct was founded in 2000, with its headquarters in Wilmington, Delaware. ING Direct is a member of the Federal Deposit Insurance Corporation (FDIC). In September 2007, ING Direct acquired 104,000 customers and FDIC insured assets from a failed virtual bank NetBank.[15] Migration from NetBank to ING Direct was not smooth, prompting hundreds of fearful customers from former NetBank to complain, saturating ING Direct customer support phone lines. The bank lost many customers as a consequence.[16][17][18] [edit] ING Direct Cafes In March 2001, ING Direct opened cafés in 6 cities: Chicago, IL, Philadelphia, PA, Los Angeles, CA, New York City, NY, St. Cloud, MN, and Wilmington, DE, each serving Peet's Coffee. New cafes were opened in Chicago, IL (Summer 2007), St. Cloud, MN (2008), and Waikiki, Honolulu, Hawai'i (November 2008).[19] Inside the cafés, ING DIRECT has several internet terminals that allow their account-holders to check on the status on their ING Direct accounts and surf the internet free of charge. The cafés often feature seminars on financial topics such as money management, handling one's retirement, mortgages, and credit management. [edit] Services
[edit] ING Direct UKING Direct began operations in the UK in May 2003 and, at one point, had in excess of 1 million customers. Its failure to increase its interest rates following a series of base rate rises in 2007, however, led to a loss of customers.[21] After raising its rates in 2008 the direct bank has rebuilt its customer base and once again sits above one million savers. Operations are based in Reading, where the company head office is situated as well as an office based in the city of Cardiff. The bank also picked up awards for its customer services and mortgage product in 2008. On 8 October 2008 the UK Treasury used the Banking (Special Provisions) Act 2008 to transfer the Kaupthing Singer & Friedlander Kaupthing Edge deposit business to ING Direct.[22] Through this, ING Direct took over responsibility for £2.5 billion of deposits of 160,000 UK customers with the Icelandic bank Kaupthing Edge. This transfer created controversy as ING refused to accept the terms of Fixed Rate Deposits made by some 2300 UK customers in Kaupthing Edge.[23][24] [edit] Services
[edit] ING Direct AustraliaLaunching in Australia in 1999, ING Direct introduced online savings accounts in that country. Whilst initially offering leading interest rates, ING Direct has since been overtaken by several other competitors with better rates. [25] 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 ABN 24 000 893 292 AFSL 229823. In October 2008, ING Direct suffered a $749 million outflow of deposit funds. In January 2009, ING Direct had to cut jobs due to issues with its mortgage debt.[26] [edit] Services
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Categories: Companies listed on the Euronext exchanges | Companies listed on the New York Stock Exchange | Banks of the Netherlands | Companies of the Netherlands | Multinational companies headquartered in the Netherlands | Insurance companies of the Netherlands | Multinational companies | Companies established in 1991 | ING Group | Life insurance companies | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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