COMPANY
The Amsterdam-based banking and insurance powerhouse ING Groep offers its 85 million customers across five continents a wide range of banking, investments, life insurance and retirement services. The group manages its seven business lines as one Banking division and one Insurance division.
Three business lines at ING fall under the banking umbrella. ING Retail Banking offers Retail Banking and Private Banking services in its home market of the Netherlands and Belgium, as well as in Poland, Romania, Turkey, India, Thailand and China. ING Commercial Banking provides banking services to large corporate clients, financial institutions and specialised product clients. This leading Commercial Bank is mainly focused on Benelux and Central & Eastern Europe. ING Commercial Banking also manages ING’s real estate business, aptly named ING Real Estate, hailed as the world’s largest real estate investment manager (based on assets under management). Finally, ING Direct is the group’s retail banking unit offering direct banking in nine major economies. ING Direct’s product offerings primarily encompass savings accounts and mortgages, and, increasingly also mutual funds and payment accounts.
Through Insurance Europe, ING provides insurance services in the Benelux and Central Europe. Insurance Americas offers life insurance and retirement services in United States and Latin America. Insurance Asia/Pacific provides life insurance and wealth management services through established positions in Japan, South Korea, Australia, New Zealand, Hong Kong, Malaysia and Thailand. ING Global Investment Management is a new business line within ING Group. It combines Investment Management activities in Europe, Americas and Asia/Pacific. Real Estate Investment Management will also be included in this business.
STRATEGY
The global financial crisis has fundamentally changed our industry and what people expect of financial services companies.
To be able to give our customers what they now need, we must tackle obstacles that divert our energy away from them and that detract from the potential of ING’s people and organization.
ING is going “back to basics” to make it easier for customers, give ING’s employees a clear direction, and ensure the company can generate stable and predictable earnings.
Back to basics applies to every aspect of ING, including having fewer and simpler products based on customer needs, creating a more streamlined organizational structure, and implementing more efficient processes.
