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ING (an abbreviation of Internationale Nederlanden Groep) is a Dutch multinational banking and financial services company and one of the world's largest savings banks.
As of May 2016, ING boasts of a market capitalization of $ 49.9 Billion and assets worth $ 914.41 Billion. ING’s operations are focused on its home Benelux market (Netherlands, Belgium and Luxembourg). ING Group served 85 million private, corporate and institutional clients in 50 countries with a workforce of over 130,000 People.
The Company was formed in 1991 through the merger of Nationale-Nederlanden (Insurance Company) and NMB Postbank group. It owns ING Direct, a virtual bank with operations in Australia, Canada, Italy, Spain, UK, U.S., and elsewhere
ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks. The company is headquartered in Amsterdam, Netherlands.
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History of ING Bank and ING Review
The roots of ING can be traced to the insurers De Nationale Levensverzekering Bank and De Nederlanden van 1845 and to the public bank services such as De Rijkspostspaarbank and De Postcheque- and Girodienst, as well as to the Nederlandsche Middenstands Bank.
These are the legal predecessors of the ‘founding fathers’ of ING: Nationale-Nederlanden and NMB Postbank Group.
The founding of ING as one company was started in 1990 when the legal restrictions on mergers between insurers and banks were lifted in the Netherlands. This prompted insurance company Nationale-Nederlanden and banking company NMB Postbank Groep to enter into negotiations. The merger into Internationale Nederlanden Groep took place in 1991. The market soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to ING Groep N.V. Since 1991, ING has developed from a Dutch company with some international business to a multinational with Dutch roots.
Products and services of ING Direct | ING Login Process ING Bank Online
ING Groep NV engages in the provision of banking, investments, life and non-life insurance, and retirement and asset management services. It operates through the following business segments: Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Commercial Banking. The Retail Netherlands segment offers current and savings accounts, business lending, mortgages, and consumer lending.
The Retail Belgium segment provides banking, life and non-life insurance, and asset management products and services. The Retail Germany segment involves retail and private banking, which offers current and savings accounts, mortgages, and customer lending.
The Retail other segment comprises of retail banking activities. The Commercial Banking segment offers core banking services such as lending, payments, and cash management to corporate clients.
Deals and Acquisitions
- 1995 – ING acquired Barings Bank
- 1997- ING acquired Banque Bruxelles Lambert S.A.
- 1998 - ING acquired 49% of German on-line bank Allegemeine Deutsche Direktbank
- 2000 - ING acquired ReliaStar Financial Corp. of United States
- 2001 - NG acquired a majority interest in the Polish Bank Śląski
- 2007 - ING Groep NV acquired Oyak Bank from Turkey's OYAK
- 2011 - CBRE Group, Inc acquired ING Group N.V.'s real estate investment management
- 2012 - Scotiabank acquired ING Bank of Canada