- ING Group
company_name = ING Group N.V.
company_type = Public (
Euronext: [http://www.euronext.com/trader/summarizedmarket/0,5372,1732_6834,00.html?selectedMep=2&idInstrument=22585&isinCode=NL0000303600 INGA] , NYSE: [http://www.nyse.com/about/listed/lcddata.html?ticker=ING ING] )
foundation = 1991
Amsterdam, the Netherlands
Michel Tilmant, Chairman of the Executive Board [cite web|url=http://www.ing.com/group/showdoc.jsp?docid=074086_EN&menopt=cog%7Cexb%7Cebm|title=Michel Tilmant, ING|accessdate=2007-12-30]
Cornelius Herkströter, Chairman of the Supervisory Board [cite web|url=http://www.ing.com/group/showdoc.jsp?docid=074069_EN&menopt=cog%7Csub%7Csbm|title=Cor Herkströter, ING|accessdate=2007-12-30] John Hele, Chief Financial Officer [cite web|url=http://www.ing.com/group/showdoc.jsp?docid=213071_EN&menopt=cog%7Cexb%7Cebm|title=John Hele, ING|accessdate=2007-12-30] Koos Timmermans, Chief Risk Officer [cite web|url=http://www.ing.com/group/showdoc.jsp?docid=213071_EN&menopt=cog%7Cexb%7Cebm|title=Koos Timmermans,ING|accessdate=2007-12-30]
num_employees = 115,218
Banking Insurance Asset management
revenue = profit €76.587 billion (2007)
operating_income = profit €11.043 billion (2007)
net_income = profit €9.241 billion (2007)
homepage = [http://www.ing.com/ www.ing.com]
N.V.(nyse|ING, euronext|INGA) (known as ING Group) is a financial institutionof Dutch origin offering banking, insuranceand asset managementservices. ING stands for Internationale Nederlanden Groep. As of 2007, ING Group covers 85 million private, corporate and institutional clients in 50 countries with a workforce of over 130,000 people. It has offices in Australia, Austria, Belgium, Bulgaria, Canada, Chile, Colombia, France, Germany, India, Italy, Japan, Mexico, New Zealand, Peru, Poland, Romania, Singapore, Spain, Taiwan, Turkey, Thailand, UK and United States. It owns ING Direct, a virtual bankwith operations in Australia, Canada, Italy, Spain, UK, USA and elsewhere. In the 2008 Forbes Global 2000, ING was the ninth-largest company in the world.
Advertising and sponsorship
Canadiancommercials 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 Oneteam. This will continue until at least 2009. In November 2006, ING was announced as the naming rights sponsorof the Australian Grand Prixand Belgian Grand Prixin 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 Marathonand the San Francisco famous Bay to Breakers. This sponsorship deal will continue until 2010.
ING's headquarters are located near
Schipholairport in Amsterdam. Designed by Roberto Meyerand 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.
A new ING building opened up in Windsor, CT in the fall of 2007. It is home to many departments and over 2000 employees.
companywas created from the 1990 mergerof Nationale-Nederlanden and NMB Postbank Group.
*1991: Nationale-Nederlanden changes to ING Nationale-Nederlanden
*1994: ING opened first ING Bank in
*1995: ING acquired
investment bankand investment managementfirm Barings
*1997: ING acquired insurer Equitable of Iowa Companies
*1997: ING opened
ING DirectCanada www.ingdirect.ca
*1998: ING acquired
Banque Bruxelles Lambert(BBL) of Belgium
*1999: ING acquired BHF-Bank of
*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
*2006: ING opened ING Life
Bulgaria, a branch of ING Life Hungary
*2007: ING acquired Oyak bank of
*2007: ING launched its first variable annuities product for the
European market in Spain
*2007: ING acquired US web-based stock brokerage firm
*2007: ING acquired Landmark Asset Management Company of
*2007: ING acquired TMB bank of
*2008: ING sold ING Seguros in
*2008: ING acquired CitiStreet in
*2008: ING launched retail banking and insurance in
*2008: ING acquired the voluntary pension fund Oyak Emeklilik in
Investigations into investment and business practices
Over the past several years, the ING Group has come under scrutiny over the
ethicsof some of their business practices. In October 2005, the National Association of Securities Dealers(NASD), the leading private-sectorprovider of financial regulatory services in the United States, ordered ING Funds Distributor (IFD) to pay fines of $1.5 million for permitting improper market timingin ING funds and related violations, $1.4 million in restitutionto affected mutual funds, and a $25,000 fine and 30-day supervisory suspension on an IFD supervisor. [US PR Newswire, “NASD Orders ING Funds Distributorto 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]
* [http://www.ing.com/ ING.com] ING Group [http://www.ing.mobi/ mobile]
* [http://www.galinsky.com/buildings/ing/ Pictures of the ING Group Headquarters, Amsterdam]
* [http://www.pfstuff.com/savings/index.html#historical ING Direct U.S. rate history (2001-present)]
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Look at other dictionaries:
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