ING Group
The ING Group (Dutch: ING Groep) is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$967.8 billion,[2] it is one of the biggest banks in the world, and consistently ranks among the largest banks globally.
"ING" redirects here. For other uses, see ING (disambiguation).Company type
Euronext Amsterdam: INGA
NYSE: ING
AEX component
1991 through merger[1]
(est. 1743 as Kooger Doodenbos)
Amsterdam, Netherlands
Europe, Asia, Oceania, North America, South America
- Steven van Rijswijk (CEO)
- Tanate Phutrakul (CFO)
- Hans Wijers (Chairman of the supervisory board)
€5.5 billion (2022)[2]
€3.78 billion (2022)[2]
€967.8 billion (2022)[2]
€50.4 billion (2022)[2]
60,778 (2022)[2]
AFP Capital
Bank Mendes Gans
Makelaarsland and The Baring Archive[3]
ING is the Dutch member of the Inter-Alpha Group of Banks, a co-operative consortium of 11 prominent European banks.[4] Since the creation in 2012, ING Bank is a member in the list of global systemically important banks. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.[5][6]
In 2020, ING had 53.2 million clients in more than 40 countries.[7] The company is a component of the Euro Stoxx 50 stock market index.[8] The long-term debt for the company as of December 2019 is €150 billion.[9]
ING is an abbreviation for Internationale Nederlanden Groep (lit. 'International Netherlands Group'). The orange lion on ING's logo alludes to the group's Dutch origins.[10]
As of 2022, ING operates in the following countries:[21]
Recent notable transactions[edit]
Capital injection and repayment[edit]
In October 2008, in a move to increase its core Tier 1 capital ratio above 8%, ING Group accepted a capital injection plan from the Dutch Government.[24] The plan supplied €10 billion (US$13.5 billion) to the operation, in exchange for securities and veto rights on major operational changes and investments. The European Commission also required ING to divest itself of its insurance and investment management operations by the end of 2013 as a condition of approving the state aid.[25]
In December 2009, ING raised €7.3 billion through share issues, and repurchased securities representing half of the €10 billion in state aid.[26] It repurchased another €2 billion in May 2011 (at a 50% premium), and looked to complete the repayments by May 2012. However, in January 2012 it cited eurozone conditions in putting the repayment timetable as 2012–2013 for the remaining €3 billion. The final tranche of €1.025 billion was paid on 7 November 2014, half a year ahead of the repayment schedule as agreed with the European Commission in 2012.[27]
Latin American divestment[edit]
In July 2011, ING sold all its Latin American insurance operations to the Colombian insurance company Grupo Sura for US$3.85 billion, excluding ING's 36 percent holding in Brazilian insurer SulAmérica Seguros, which was sold at a later date.[28] The actions were in line with EU demands to split the Group's banking and insurance operations as a condition of Dutch state aid.[29] In 2013, ING reduced its stake in SulAmérica Seguros by 7.2%.[30]
2012 settlement with US Treasury Department[edit]
On 12 June 2012, the US Department of the Treasury's Office of Foreign Assets Control announced a US$619 million settlement[31] with ING Bank N.V. to settle potential liability for conspiring to violate[32] the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) and for violating New York state laws by illegally moving billions of dollars through the U.S. financial system on behalf of sanctioned Cuban and Iranian entities.[33] ING Bank settled at the same time with OFAC, the US Attorney's Office for the District of Columbia, the New York County District Attorney's Office and the Department of Justice's National Security Division and Justice's Asset Forfeiture and Money Laundering Section.[33]
Under the settlement agreement, ING Bank is required to conduct a review of, and to submit a report to the Treasury Department.[33]
Café Americain by day by Michael Ryan
Zandkasteel Amsterdam
Little thought by Qiangli Liang
Zandkasteel Amsterdam
Compartments II by Graham Dea
Zandkasteel Amsterdam
Money laundering case[edit]
In September 2018, ING agreed to pay €775 million to end a money laundering probe.[84]
In September 2020, FinCEN Files disclosed that ING in Poland helped Russian and Ukrainian clients to launder huge amounts of money out of Russia.[85]
