ING Group facts for kids

Quick facts for kids
ING Groep N.V.

ING's headquarters in Amsterdam, Netherlands
Type	Naamloze vennootschap
Traded as	Euronext Amsterdam: INGA NYSE: ING AEX component
ISIN	ISIN: [https://isin.toolforge.org/?language=en&isin=NL0011821202 NL0011821202]
Industry	Financial services
Founded	1991 through merger (est. 1743 as Kooger Doodenbos)
Headquarters	Amsterdam, Netherlands
Area served	Europe, Asia, Oceania, North America, South America
Key people	Steven van Rijswijk (CEO) Tanate Phutrakul (CFO) Hans Wijers (Chairman of the supervisory board)
Products	Retail banking Direct banking Private banking Wholesale banking Investment banking Commercial banking Insurance Asset management
Revenue	€18.561 billion (2022)
Operating income	€5.5 billion (2022)
Net income	€3.78 billion (2022)
Total assets	€967.8 billion (2022)
Total equity	€50.4 billion (2022)
Number of employees	60,778 (2022)
Subsidiaries	AFP Capital Bank Mendes Gans Makelaarsland and The Baring Archive

The ING Group (which means "International Netherlands Group") is a large Dutch company. It offers many different money services. Its main office is in Amsterdam, Netherlands.

ING helps people and businesses with things like everyday banking, saving money, and managing investments. It also offers insurance. With over US$967.8 billion in assets, ING is one of the biggest banks in the world. It is a member of a special group of important European banks.

In 2020, ING had more than 53 million customers in over 40 countries. The orange lion in ING's logo shows its Dutch roots.

History of ING Group

NMB Bank in Amsterdam, 1970

The ING Group started from two big insurance companies and some banking services in the Netherlands. In 1991, an insurance company called Nationale-Nederlanden and a bank called "NMB Postbank Groep" joined together. This created the ING Group.

How Insurance Started

In 1845, a fire insurance company was created. It was called Assurantie Maatschappij tegen Brandschade de Nederlanden van 1845. This company grew to be the top insurance company in the Netherlands. It had offices all over the world.

Later, in 1863, a life insurance company was started in Rotterdam. These two companies bought other smaller companies. In 1963, they merged to form Nationale-Nederlanden. This new company grew a lot in the 1970s and 1980s.

How Banking Started

Postbank in Leeuwarden, 2008

In 1881, the Dutch government created the Rijkspostspaarbank. This was a postal savings system to help workers save money. Later, they added services to let families pay bills through post offices.

Separately, in 1927, the government helped create the Nederlandsche Middenstands Bank (NMB). NMB offered banking services to people and businesses in the Netherlands and other countries. In 1986, the post office banking services became a private company called Postbank N.V.. Three years later, it merged with NMB bank to form NMB Postbank Groep.

The Big Merger

In 1991, the banking part of NMB Postbank Groep and the insurance part of Nationale-Nederlanden joined together. This is how the ING Group was formed.

Growing with New Companies

ING Group structure

Former Banque Bruxelles Lambert headquarters in Brussels

Since it started, ING Group has bought many other companies. This helped it grow even bigger. Here are some of the companies it acquired:

Expanding Around the World

ING Group grew its business in many countries in the 1990s. It bought the Belgian bank Banque Bruxelles Lambert (BBL) in 1998. It also bought US insurance company Equitable of Iowa and the bank Furman Selz.

In 1995, ING bought Barings Bank for a very small amount after it failed. This helped ING's investment banking business grow a lot. ING also started offering direct banking services in other countries. The first was in Canada in 1997, followed by the US, UK, Germany, and Australia.

Nationale Nederlanden in Rotterdam, 2014

Changes and Selling Parts of the Business

In 2008, during a big financial crisis, the Dutch government helped ING Group with money. Because of this help, ING had to sell some of its businesses around the world. This included insurance businesses and some of its direct banking units. For example, ING Direct in the US was sold to Capital One.

In 2016, ING sold its last shares in NN Group. This meant ING became a bank again, focusing only on banking services.

ING Around the World

As of 2022, ING operates in many countries. Here are some of them:

• Main Markets:
  • Netherlands (ING Bank N.V)
  • Belgium (ING Belgium)
  • Luxembourg (ING Luxembourg)
• Growing Markets:
  • Australia (ING Australia)
  • Germany (ING DiBa)
  • Italy (Branch of ING Bank N.V.)
  • Spain (Branch of ING Bank N.V.)
• Newer Markets:
  • Poland
  • Romania (Branch of ING Bank N.V.)
  • Turkey (ING Turkey)

ING's Headquarters

ING House, former HQ in Amsterdam

ING's main office is in Amsterdam, Netherlands. It is in a special area called Cumulus Park, which is known for new ideas. The building has five floors and a glass front. It is named after the Cedar tree, which represents growth and being good for the environment.

The ING House was another important building for ING. It was also in Amsterdam and was used from 2012 to 2014.

Important Events and Changes

Government Help and Repayment

In October 2008, during a global financial crisis, the Dutch government gave ING Group €10 billion to help it stay strong. As a condition for this help, the European Commission asked ING to sell its insurance and investment parts by the end of 2013.

ING worked to pay back the government. It paid back €7.3 billion in 2009 and more in 2011. The final payment of €1.025 billion was made in November 2014, earlier than planned.

Selling Businesses in Latin America

In July 2011, ING sold all its insurance businesses in Latin America. This was part of the plan to separate its banking and insurance operations, as required by the European Union.

Settlement with US Authorities

In 2012, ING Bank agreed to pay US$619 million to the US government. This was to settle issues where the bank had not followed rules about moving money for certain countries. ING Bank worked with US authorities to review its practices and improve them.

Other Important Actions

• In 2005, ING bought a part of the Bank of Beijing in China.
• In 2013, ING sold its share in an Indian insurance company.
• In 2016, ING invested in a Chinese financial technology company called WeLab.
• In 2018, ING bought a financial technology company called Payvision.
• ING has also invested in projects that use blockchain technology, which is a secure way to record transactions.

ING US Changes

In 2013, ING's US business was spun off and became a new company called Voya Financial. ING Group gradually sold all its shares in Voya Financial by 2018.

What ING Does

An ING Bank in Nieuw-Vennep, the Netherlands

Retail Banking

Retail banking is for everyday people. ING offers retail banking services in many countries like Australia, Belgium, Germany, and the Netherlands. This includes things like checking accounts, savings accounts, and loans.

In the Netherlands, ING is the biggest retail bank. It holds 40% of the money in current accounts.

ING in Belgium

ING Belgium is ING Group's business in Belgium. It used to be called Bank Brussel Lambert (BBL) and joined ING in 1998. It helps people and businesses in Belgium with banking and other financial products like insurance.

Shares in Other Banks

ING owns a 17% share in the Bank of Beijing, which is a large bank in China. In Poland, ING became the main owner of the Silesian Bank in 1996. This bank is now called ING Bank Śląski.

ING Bank Śląski in Warsaw, Poland

Direct Banking

Direct banking means you can do your banking without going to a physical bank branch. ING offers this service online, by phone, at ATMs, or by mail. It focuses on simple savings accounts. These direct banking services are available in Australia, Italy, Spain, Germany, and Austria.

ING in Australia

ING started in Australia in 1999. It offers banking online and by phone. Its products include savings accounts, credit cards, and home loans.

ING in Germany

ING-DiBa is Germany's third largest bank by the number of customers. ING bought parts of this bank starting in 1998 and fully owned it by 2003. In 2018, its name changed to ING.

ING in Italy

ING in Italy started in 2001 and has about 1.3 million customers. It also has "bank shops" where customers can use online services with help from staff.

ING in the Philippines

ING in the Philippines works mainly through a mobile app. It started in 2019 and was one of the first banks to let customers deposit checks by taking a picture with their phone.

Wholesale Banking

ING Wholesale Banking, London office

Wholesale Banking provides services to large companies and other big organizations. Its main focus is in the Netherlands, Belgium, Poland, and Romania. It offers many products, from managing cash to helping with big company deals.

In 1995, ING bought Barings Bank, which helped its wholesale banking business grow a lot around the world. ING's investment banking part was called ING Barings until 2004.

Corporate Finance

ING's Corporate Finance team helps businesses with big financial decisions. This includes things like mergers (when two companies join), acquisitions (when one company buys another), and selling shares to the public.

Insurance

ING used to have a large insurance business in America, Asia, and Europe. In 2009, ING announced plans to separate its insurance business from its banking operations.

For example, ING Canada (its insurance part) became a separate company called Intact Financial Corporation in 2009. ING also sold its Malaysian insurance business in 2012.

ING Australia Insurance

ING Insurance Australia was bought by ANZ in 2009. It was then renamed "OnePath" in 2010.

ING Investment Management

In 2014, ING announced that it would separate its investment management business. This business was put into a new group called NN Group and then became a separate company. ING Investment Management was later renamed NN Investment Partners.

Former ING Businesses

ING Direct Canada

ING started its first direct banking business in Canada in 1997. It was called ING Direct Canada. By 2011, it had over 1.7 million customers.

In 2012, Scotiabank bought ING Direct Canada. In 2014, it was renamed Tangerine.

ING Direct France

ING in France started in 2000. It offered current accounts and home loans. In 2022, ING closed its direct banking business in France. It sold its customers to another bank called Boursorama. ING still keeps its wholesale and investment banking business in France.

ING Direct United Kingdom

ING Direct started in the UK in 2003. It had over one million customers by 2009. It offered savings accounts, mortgages, and home insurance.

In 2012, ING decided to leave the UK market. Barclays bought ING Direct UK, taking over its customers and mortgages.

ING Direct United States

In 2000, ING launched a direct bank in the United States. In 2012, Capital One bought ING Direct USA from ING. Between 2012 and 2013, ING Direct's US operations were renamed Capital One 360.

Sponsorships

ING Night Marathon Luxembourg

ING supports many sports events and art shows around the world.

Sports

ING has sponsored many marathons, including the New York City Marathon and the Luxembourg Marathon. It also supports association football (soccer) and the German Basketball Federation.

ING was the main sponsor of the Renault Formula One racing team from 2007 to 2009. It also sponsored several Grand Prix races. ING stopped its sponsorship due to changes in advertising and some issues with the racing team.

Arts

ING boat at the 2008 Amsterdam Pride

ING Art Center at Hôtel de Coudenberg, Brussels

ING supports art places like the Rijksmuseum in Amsterdam and the New York Museum of Modern Art. ING also has its own art collections in different countries. Since 2008, ING has sponsored the Amsterdam Gay Pride event.

Education

ING works with the Duisenberg school of finance, offering internships and helping students with loans. ING also has a program called "ING Unsung Heroes." This program gives grants to teachers in the United States who have great ideas for their classrooms.

Money Laundering Case

In September 2018, ING agreed to pay €775 million to settle an investigation into money laundering. This means the bank did not have strong enough checks in place to prevent clients from using their accounts to move illegal money.

See also

In Spanish: Grupo ING para niños

• Inter-Alpha Group of Banks

Images for kids

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  Pierrot by Ans Markus
  ING Art Collection Zandkasteel Amsterdam

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  Café Americain by day by Michael Ryan
  Zandkasteel Amsterdam

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  Little thought by Qiangli Liang
  Zandkasteel Amsterdam

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  Compartments II by Graham Dea
  Zandkasteel Amsterdam