ING Group
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| ING Group N.V. | |
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| Type | Public (Euronext: INGA, NYSE: ING) |
| Founded | 1991 |
| Headquarters | Amsterdam, the Netherlands |
| Key people | Michel Tilmant, Chairman of the Executive Board[1] Cornelius Herkströter, Chairman of the Supervisory Board[2] John Hele, Chief Financial Officer[3] |
| Industry | Financial services |
| Products | Banking Insurance Asset management |
| Revenue | ▲ € 76.587 billion (2007) |
| Operating income | ▲ € 11.043 billion (2007) |
| Net income | ▲ € 9.241 billion (2007) |
| 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 stands for Internationale Nederlanden Groep.
As of 2007, ING covers 75 million private, corporate and institutional clients in 50 countries with a workforce of over 120,000 people. It has offices in Australia, Austria, Belgium, Bulgaria, Canada, Chile, Colombia, France, Germany, India, Italy, Mexico, New Zealand, Peru, Poland, Romania, Spain, Taiwan, Turkey, UK and United States. It owns ING Direct, a virtual bank with operations in Australia, Canada, Spain, UK, USA and elsewhere. In the 2008 Forbes Global 2000, ING was the ninth-largest company in the world.
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[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" and "2007 ING Belgian Grand Prix" will be the first of 2007 season. ING has also become sponsor of the Hungarian Grand Prix, making it the "ING Magyar Nagydíj".
In recent years, ING has been the title sponsor of the New York City Marathon and the San Francisco famous Bay to breaker. This sponsorship deal will continue until 2010.
[edit] Headquarters building
ING has a widely-admired headquarters building near Schiphol airport in Amsterdam. Designed by Roberto Meyer and Jeroen van Schooten, the light-infused building features loggias, patios, interior gardens and sweeping views from an unusually large percentage of the offices, but what most strikes passersby on the ringroad and metro is that since it is supported by tall (9 to 12 meters high) posts so that a rail or auto passenger looks under, not at it. It is also somewhat renowned as an autonomous building.
[edit] History
The company was created from the 1990 merger of Nationale-Nederlanden and NMB Postbank Groep.
- 1991: Nationale-Nederlanden changes to ING Nationale-Nederlanden
- 1994: ING opened first ING Bank in Romania
- 1995: ING acquired investment bank and investment management firm Barings
- 1997: ING acquired insurer Equitable of Iowa Companies
- 1997: ING opened ING Direct Canada www.ingdirect.ca
- 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
- 2007: ING acquired US web-based stock brokerage firm ShareBuilder
- 2007: ING acquired Landmark Asset Management Company of South Korea
- 2007: ING acquired TMB bank of Thailand
- 2008: ING sold ING Seguros in Mexico
- 2008: ING acquired CitiStreet in USA
[edit] Investigations into investment and business practices
Over the past several years, the ING Group has come under 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 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.[4]
[edit] See also
- European Financial Services Roundtable
- Inter-Alpha Group of Banks
- ING Direct
- Renault F1 Team
- Nationale-Nederlanden
[edit] References
- ^ Michel Tilmant, ING. Retrieved on 2007-12-30.
- ^ Cor Herkströter, ING. Retrieved on 2007-12-30.
- ^ John Hele, ING. Retrieved on 2007-12-30.
- ^ US PR Newswire, “NASD Orders ING Funds Distributor to Pay $1.5 Million Fine, $1.4 Million in Restitution for Permitting Improper Market Timing; NASD Also Sanctions ING Funds Distributor Supervisor,” October 3, 2005
[edit] External links
- ING.com ING Group mobile
- Pictures of the ING Group Headquarters, Amsterdam
- ING Direct U.S. rate history (2001-present)
- ING Bulgaria
- ING Nationale-Nederlanden Spain
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