ING Group

ING Groep NV
legal form	Naamloze Vennootschap
ISIN	NL0011821202
founding	1991
Seat	Amsterdam , Netherlands
management	Hans Wijers, Chairman ; Ralph Hamers , Chief Executive Officer
Number of employees	54,804
sales	€ 18.17 billion (2018)
Branch	Financial services
Website	www.ing.com
	As of December 31, 2018

The ING Groep NV is a Dutch bancassurance provider in the form of a joint stock company based in Amsterdam.

The bank is one of the 30 major banks that have been classified as a systemically important financial institution by the Financial Stability Board (FSB) . It is therefore subject to special monitoring and stricter requirements for the endowment with equity .

history

Former headquarters of the ING Groep in Amsterdam, the so-called "ING House"

The group was formed in 1991 from a merger of the insurer Nationale-Nederlanden with the NMB Postbank Group and was called the Internationale Nederlanden Groep (ING) after the merger . However, the abbreviation ING became so popular that the name was changed accordingly.

ING Groep NV is a holding company that acts as the parent company for various banks and insurance companies, for example for the Dutch bank ING or the German subsidiary ING-DiBa . In terms of market capitalization , the company is the eighth largest financial services provider in the world and therefore the leader in the Netherlands.

On the Forbes list for the 2007 financial year, the ING Groep is the ninth largest company in the world by sales.

After Nick Leeson's speculation and the collapse of Barings Bank , it was taken over in 1995 for a symbolic pound . In 1999, the German BHF-Bank was also taken over for a few years.

2007/2008 financial crisis

An ING ATM

Due to the financial crisis , the ING-Groep had to take ten billion euros in state aid on October 19, 2008 . This strengthened the equity ratio, and consequently the Group was able to obtain additional liquidity on the market more cheaply. In addition, according to the company's own information, it also supported the stock market price, which had slumped to its lowest level since the mid-1990s on October 17, 2008 after a loss of 500 million euros was announced in the third quarter of 2008. For the full year 2008 a net loss of 171 million euros was reported. ING-Bank is the first Dutch financial company to draw on funds from a Dutch government emergency fund to support banks. In February 2009, 80 percent of a nominally 28 billion euros real estate loan portfolio was taken over by the Dutch government. According to the European Union, the group should be broken into two parts by 2013. With this step the risk should be halved and the business of the group should be reduced. As part of the “Back to Basics” strategy presented in 2009, several business areas and investments have already been sold.

Divestments after the financial crisis

ING Canada
ING Insurance Australia / New Zealand
ING Insurance Malaysia
ING Private Banking Switzerland
ING Private Banking Asia
ING Reinsurance USA
ING Summit Industrial Fund
ING Real Estate Manager "REIM"
ING Direct USA
ING Insurance Latin America
Sale of three US brokers
5% stake in Fuban Financial
ING Direct Canada
ING Direct UK Great Britain

Money laundering scandal

On September 4, 2018, the public prosecutor's office announced that ING was paying a fine of around 775 million euros to settle an extensive money laundering case . A week later ING Bank announced that it would terminate the contract with CFO Koos Timmermans.

Group companies

Branch banks

ING (Netherlands)
ING Bank Śląski (Poland)
ING Bank Evrazija (Russia)
ING Belgium SA / NV (Belgium)
ING Romania (Romania)
Record Bank (Belgium)
ING Bank Türkiye (Turkey)
ING Luxembourg SA (Luxembourg)
TMB Bank (Thailand)
ING Vysyabank (India)

Direct banks

ING-DiBa (Germany, Austria)
ING Direct Australia (Australia)
ING Direct France (France)
ING Direct Spain (Spain)
ING Direct Italy (Italy)

Other financial services

Interhyp AG

Insurance

Insurance Europe (Hungary, Poland, Czech Republic, Slovakia, Bulgaria, Romania, Russia, Spain, Greece and Turkey)
Insurance Asia / Pacific (Japan, Hong Kong, South Korea, China, India and Thailand)
Insurance Americas (USA)