ing image

The ING Group

The ING Group

The ING Group (Dutch: ING Groep) is a Dutch multinational banking and financial services corporation Its headquarter is in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. The ING is an abbreviation for Internationale Nederlanden Groep (English: International Netherlands Group).

ing image

According to the Fortune Global 500 in 2012, The ING was the world’s largest banking/financial services and insurance conglomerate by revenue with gross receipts exceeding $150 billion per annum.The Group is also the world’s 18th largest corporation by revenue.As of 2009, ING served over 85 million individual and institutional clients in more than 45 countries, with a worldwide workforce exceeding 100,000.

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, asset management, and insurance services. ING is an abbreviation for Internationale Nederlanden Groep (English: International Netherlands Group).

The orange lion on ING’s logo alludes to the Group’s Dutch origins under the House of Orange-Nassau. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks.ING Bank was included in a list of global systemically important banks in 2012.

According to the “Fortune Global 500” in 2012, ING was the world’s largest banking/financial services and insurance conglomerate by revenue with gross receipts exceeding $150 billion per annum; overall, it was the 18th largest corporation by revenue. As of 2013, ING served over 48 million individual and institutional clients in more than 40 countries, with a worldwide workforce exceeding 75,000. The company is a component of the Euro Stoxx 50 stock market index.

Since the ING Group was founded, it has made several acquisitions:
ING Group structure.svg
Organization     Year     Core business
Parcom     1994     Asset Management
Wellington     1995     Insurance
Barings     1995     Banking
Equitable of Iowa     1997     Insurance
Furman Selz     1997     Banking
Bank Mendes Gans     1997     Banking
Guardian     1998     Insurance
Clarion     1998     Asset Management
Bank Brussels Lambert     1998     Banking
Canadian Group Underwriters     1999     Insurance
Aetna     2000     Insurance
ReliaStar     2000     Insurance
Seguros Comercial América     2001     Insurance
Bank Śląski     2001     Banking
DiBa     2002     Banking
Allianc of Canada     2004     Insurance
Rodamco Asia     2004     Asset Management

 

Type:Public
Traded as: Euronext: INGA
NYSE: ING
Industry: Financial services,Banking,
Founded:  1991 through merger (est. 1743 as Kooger Doodenbos)
Headquarters: Amsterdam, Netherlands
Area served-Global
Key people-Ralph Hamers (CEO)
Koos- Timmermans (CFO)
Jeroen van der Veer (Chairman of the supervisory board)

The history of ING

ING was founded in 1991 by a merger between Nationale-Nederlanden and NMB Postbank Group. During the past years ING has become a multinational with diverse international activities.

The roots of ING can be traced to the insurers De Nationale Levensverzekering Bank and De Nederlanden van 1845 and to the public bank services such as De Rijkspostspaarbank and De Postcheque- and Girodienst, as well as to the Nederlandsche Middenstands Bank. These are the legal predecessors of the ‘founding fathers’ of ING: Nationale-Nederlanden and NMB Postbank Group.

The founding of ING as one company was started in 1990 when the legal restrictions on mergers between insurers and banks were lifted in the Netherlands. This prompted insurance company Nationale-Nederlanden and banking company NMB Postbank Groep to enter into negotiations. The merger into Internationale Nederlanden Groep took place in 1991. The market soon abbreviated the name to I-N-G. The company followed suit by changing the statutory name to ING Groep N.V. Since 1991, ING has developed from a Dutch company with some international business to a multinational with Dutch roots. This was achieved through a mixture of organic growth, such as the creation of ING Direct from scratch, as well as various large acquisitions.

The first large acquisition took place in 1995, when ING took over Barings Bank. This acquisition increased the brand recognition of ING around the world and strengthened its wholesale banking presence in the emerging markets. And then there was Life of Georgia. This insurance company was acquired by Nationale-Nederlanden in 1979, resulting in a significant increase in activities in the US. Via Life of Georgia, the activities in Asia expanded considerably. However in 2004, ING as a group had become well-established in both regions and Life of Georgia was sold.

Other acquisitions, such as the Belgian Bank Brussels Lambert, strengthened the Group’s presence in the Benelux. In addition, the activities in the United States were doubled as a result of organic growth and the acquisition of Equitable of Iowa, ReliaStar, Aetna Financial Services and merchant bank Furman Selz.

ING is also active in other parts of the world. In 2001, ING acquired a majority interest in the Polish Bank Śląski and entered the Indian life insurance market through ING Vysya Life Insurance.

Furthermore, ING participates in a number of financial institutions. An important example is the partnership with the Bank of Beijing.

More information is available at About us.

Contact Info
Historical Archive ING
Location AMP D.00.006
P.O. Box 1800
1000 BV Amsterdam
The Netherlands

The ING Group

Products : Retail, direct banking, private banking, investment banking, commercial banking, insurance,asset management

Revenue €17.49 billion (2016)
Operating income
€5.90 billion (2016)
Profit €4.29 billion (2016)
Total assets $845 billion (2016)
Total equity €50 billion (2016)
Number of employees
52,000 (2016)
Website ing.com

Source: https://en.wikipedia.org/wiki/ING_Group

The ING Group

 

Basic concept of Islamic Law

Basic concept of Islamic Law Islam has a set of faith and values encompassing all aspects of life. Muslims are obliged to establish and maintain it. For example,Sovereignty,  according to …

ISLAMIC BANKING

Bai Murabaha

Bai Murabaha The term ‘Bai-Murabaha’ has been derived from Arabic words ﻊﻴﺒ and ﺢﺑﺭ (Bai’un and Ribhun). The word ﻊﻴﺒ means purchase and sale and the word ﺢﺑﺭ means an …

Bai Murabaha

Bai Murabaha The term ‘Bai-Murabaha’ has been derived from Arabic words ﻊﻴﺒ and ﺢﺑﺭ (Bai’un and Ribhun). The word ﻊﻴﺒ means purchase and sale and the word ﺢﺑﺭ means an …