ING WorldWide
ING’s business lines
Banking
From 1 January 2010, the banking activities are divided into two main business lines: Retail Banking and Commercial Banking. Retail Banking is composed of Retail Netherlands, Retail Belgium, Retail Central Europe, Retail Asia and ING Direct. Commercial Banking also manages ING Real Estate.
Retail Banking
Retail Banking provides retail and private banking services to individuals and small and medium-sized enterprises in the Netherlands, Belgium, Luxembourg, Poland, Romania, Turkey, India, Thailand and China (through a stake in Bank of Beijing) with a multi-product, multi-channel distribution approach. In mature markets, we focus on wealth accumulation, savings and mortgages, with an emphasis on operational excellence, cost leadership and customer satisfaction. In developing markets we aim to become a prominent local player by offering simple but high quality products. ING Direct offers direct banking services in Canada, Spain, Australia, France, the US (sale of business was announced on 17 June 2011 and is expected to be completed in the fourth quarter of 2011), Italy, Germany, the UK and Austria. ING Direct’s focus is on offering five simple and transparent retail banking products at very low cost: savings, mortgages, payment accounts, investment products and consumer lending.
Commercial Banking
Commercial Banking primarily targets large corporations in the Netherlands, Belgium, Poland and Romania, where we offer a full range of products, from cash management to corporate finance. Our international network has a more selective approach. We are building leading positions in a number of key product areas, including Structured Finance, Financial Markets, Payments and Cash Management, and Leasing. Commercial Banking also manages ING Real Estate.
Insurance/Investment Management (IM)
From 1 January 2010, the insurance activities are structured by region: Insurance Benelux, Insurance Central & Rest of Europe, Insurance United States, Insurance Latin America (sale of business was announced on 25 July 2011 and is expected to be completed in the fourth quarter of 2011) and Insurance Asia/Pacific. ING Investment Management is part of the insurance activities.
Insurance Benelux
Insurance Benelux includes ING’s life and non-life insurance, investment and pension businesses in the Netherlands, Belgium and Luxembourg.
Insurance Central & Rest of Europe
Insurance Central & Rest of Europe consists of ING’s life insurance and pensions operations in nine countries which include Poland, the Czech Republic, Slovakia, Hungary, Romania, Greece and Spain as well as greenfield operations in Bulgaria and Turkey.
Insurance US
Insurance US includes ING’s retirement services and life insurance operations in the US. In the US, ING is the third-largest provider of defined contribution retirement plans in terms of assets under management and administration.
US Closed Block VA
US Closed Block VA consists of ING’s Closed Block Variable Annuity business in the US, which has been closed to new business since early 2010 and which is now being managed in run-off.
Insurance Latin America
Insurance Latin America includes ING’s pension, insurance and investment businesses in the region and is present in six countries including Mexico, Chile, Peru, Colombia, Uruguay, and Brazil through its joint venture in SulAmérica, the leading wealth management and insurance company in the country. In Latin America, ING is the second largest provider of mandatory pensions.
Insurance Asia/Pacific
Insurance Asia/Pacific is one of the major foreign life insurance companies in the region and is present in seven countries including Japan, Malaysia, South Korea, Thailand, China, Hong Kong and India. It offers life insurance, investment and retirement services products and services to a broad range of retail, corporate and institutional clients.
ING Investment Management (ING IM)
ING Investment Management is a global asset manager and is the principal investment manager of ING Group. It has operations in 33 countries across the Americas, Asia-Pacific, Europe and the Middle East. ING IM provides retail and institutional clients with access to domestic, regional and global investment solutions.