ING Groep NV history, profile and history video
ING Groep NV provides banking, investments, life and non-life insurance, and retirement and asset management services to individuals, families, small businesses, large corporations, institutions, and governments. The company operates in the following business segments: Retail Netherlands, Retail Belgium, Retail CE (Central Europe), Retail Asia, ING Direct, Commercial Banking, ING Real Estate, Insurance Benelux (Belgium, Netherlands, and Luxembourg), Insurance CRE (Central and Rest of Europe), Insurance U.S. (United States), Insurance U.S. Closed Block VA, Insurance Latin America, Insurance Asia/Pacific, ING IM (Investment Management), Corporate Line Banking, and Corporate Line Insurance. The Retail Banking segment focuses on retail banking services to individuals, small and medium-sized businesses; and on private banking. The Retail Netherlands segment provides commercial, retail, and private banking activities, life and non-life insurance products, and the sale of mortgages through intermediaries in the Netherlands. The Retail Belgium segment provides banking, life and non-life insurance, and asset management products and services to meet the needs of individuals, families, companies, and institutions through a network of local head offices, branch, and direct banking channels in Belgium. The Retail CE segment operates full-service banks in Poland, Romania, and Turkey. The Retail Asia segment offers retail banking activities in India, China, and Thailand. The ING Direct segment is a direct banking business that offers savings accounts and mortgages. The Commercial Banking segment offers core banking services such as lending, payments, and cash management to corporate clients, excluding the real estate sector. The ING Real Estate segment has an exposure to real estate activities. The Insurance Benelux segment offers life insurance, non-life insurance, and retirement services in the Benelux. The Insurance CRE segment offers life insurance, non-life insurance, and retirement services in the central and rest of Europe. The Insurance U.S. segment offers life insurance, retirement services, fixed annuities, mutual funds, broker-dealer services, and institutional financial products in the United States of America. The Insurance U.S. Closed Block VA segment consists of variable annuities issued in the U.S.A., owned primarily by individuals, designed to address the demand for tax-advantaged savings, retirement planning, and wealth protection. The Insurance Latin America segment focuses on pension and life insurance in Mexico, Chile, Colombia, Peru, Brazil, and Uruguay. The Insurance Asia/Pacific segment provides life insurance products and services in China, Hong Kong, India, Japan, Malaysia, South Korea, and Thailand. The ING IM segment provides retail and institutional clients with access to domestic, regional, and global investment solutions, and is the principal investment manager of the ING Group. The Corporate Line Banking segment reflects capital management activities not allocated to the banking businesses. The Corporate Line Insurance segment includes items related to capital management, run-off portfolios and ING Re. The company was founded on January 21, 1991 and is headquartered in Amsterdam, Netherlands.“
“ING Group History
ING was founded in 1991 by a merger between Nationale-Nederlanden and NMB Postbank Group. During the past years ING has become a multinational with diverse international activities.
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 Groeptook 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. This was achieved through a mixture of organic growth, such as the creation of ING Direct from scratch, as well as various large acquisitions.
The first large acquisition took place in 1995, when ING took over Barings Bank. This acquisition increased the brand recognition of ING around the world and strengthened its wholesale banking presence in the emerging markets. And then there was Life of Georgia. This insurance company was acquired by Nationale-Nederlanden in 1979, resulting in a significant increase in activities in the US. Via Life of Georgia, the activities in Asia expanded considerably. However, in 2004, ING as a group had become well-established in both regions and Life of Georgia was sold.
Other acquisitions, such as the Belgian Bank Brussels Lambert, strengthened the Group’s presence in the Benelux. In addition, the activities in the United States were doubled as a result of organic growth and the acquisition ofEquitable of Iowa, ReliaStar, Aetna Financial Services and merchant bank Furman Selz.
ING is also active in other parts of the world. In 2001, ING acquired a majority interest in the Polish Bank Śląski and entered the Indian life insurance market through ING Vysya Life Insurance.
Furthermore, ING participates in a number of financial institutions. An important example is the partnership with the Bank of Beijing.
During the financial crisis of 2007–2008, ING took a capital injection from the Dutch Government. As part of the support deal, ING Group was mandated by the European Union several changes to ING’s company structure, including to split off ING Bank, ING Insurance and Investment Management in 2012.
*Information from Forbes.com and Ing.com
**Video published on YouTube by “ING“