About ING Asia/Pacific
Part of the landscape
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. ING Commercial Banking, which focuses on Benelux and Central and Eastern Europe, also manages ING's real estate business, aptly named ING Real Estate (one of 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; it also offers mutual funds and payment accounts.
Through Insurance Europe, ING provides life and non-life insurance services in the Benelux region 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 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 also falls under the unit.
ING's roots stretch back to the mid-19th century to five entities the group identifies as its "founding fathers"—Dutch insurers De Nationale Levensverzekering Bank and De Nederlanden van 1845, and Dutch public banks De Rijkspostspaarbank, De Postcheque- and Girodienst, and Nederlandsche Middenstands Bank. De Nationale Levensverzekering-Bank was founded in 1863, and 100 years later, it came together with De Nederlanden to form the Nationale-Nederlanden. In 1986, NMB bank and Postbank—two existing Dutch banks—merged to form the NMB Postbank Group.
The modern and multinational ING is the product of a 1991 merger between Nationale-Nederlanden and NMB Postbank Group. The process that led to the founding of ING as one company began in 1990 when existing legal restrictions on mergers between insurers and banks were lifted in the Netherlands. That prompted insurance company Nationale-Nederlanden and banking company NMB Postbank Groep to merge in 1991, creating Internationale Nederlanden Groep. Less than 20 years later, ING had grown into the largest financial services firm in the world by annual revenue: in June 2008, ING came in at No. 7 on Fortune's 2008 Global 500 list, which ranks firms by annual revenue. More recently, the firm has contracted somewhat, and in 2013 it ranked No. 33 on Fortune's Global 500.