ING Group

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ING Groep N.V.
Public
Traded as Euronext: INGA
NYSE: ING
Industry Banking, Financial services
Founded 1991 through merger[1]
(est. 1743 as Kooger Doodenbos)
Headquarters Amsterdam, Netherlands
Area served
 Global
Key people
Products
Revenue €42.64 billion (2012)[2]
€3.89 billion (2012)[2]
Profit €3.10 billion (2012)[2]
Total assets €1.169 trillion (2012)[2]
Total equity €57.69 billion (2012)[2]
Number of employees
 84,718 (2012)[2]
Website ing.com

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 is an allusion to the Group's Dutch origins under the House of Orange-Nassau.[3] ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks.[4] 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.[5] The Group is also the world's 18th largest corporation by revenue.[5] As of 2013, ING served over 48 million individual and institutional clients in more than 40 countries, with a worldwide workforce exceeding 75,000.

History[edit]

ING Group traces its roots to two major Insurance companies in the Netherlands and the banking services of the Dutch government.

Insurance[edit]

In 1845 the fire insurance company the Assurantie Maatschappij tegen Brandschade de Nederlanden van 1845 (Fire insurance company of the Netherlands established 1845) was founded and grew to be the first insurance company with branches outside the Netherlands, of which it had 139 the world over by 1900. It later changed its name to "De Nederlanden van 1845". Two decades later in 1863 the life insurance company Nationale Levensverzekerings Bank (National Life Insurance Bank) was founded in Rotterdam. These two insurance companies would make multiple acquisitions before merging to form the combined insurance company the Nationale-Nederlanden in 1963. The combined insurance company would expand significantly during the 1970s and 1980s.[6]

Banking[edit]

In 1881 the Dutch government created the Rijkspostspaarbank, a postal savings system to encourage workers to start saving. Four decades later they added the Postcheque and Girodienst services allowing working families to make payments via post offices. Separately in 1927 the Dutch government initiated a reorganisation of Dutch banks which resulted in the creation of the Nederlandsche Middenstands Bank (NMB). NMB's focus was retail banking in the Netherlands and abroad.

In 1986 the post office banking services were privatised as Postbank N.V. and three years later it would merge with NMB bank to form NMB Postbank Groep.

Merger of banking and insurance[edit]

In 1991 the banking business of NMB Postbank Groep and the insurance business of Nationale-Nederlanden were merged to create ING Group, after changes in regulation that allowed banks and insurance businesses to work together.

Further acquisitions[edit]

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 Brussel 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

Overseas expansion[edit]

ING Group expanded its international business through a number of acquisitions through the 1990s including Belgium bank Banque Bruxelles Lambert (BBL) in 1998, US-based insurance company Equitable of Iowa and the commercial bank Furman Selz. It also acquired Frankfurt based BHF-Bank in 1999, although disposed of this later. It increased its Latin American and Asia Pacific's insurance businesses with the acquisition of ReliaStar and Aetna's Financial Services unit. It also acquired the Polish Bank Śląski and Mexican insurance company Seguros Comercial América.

However, it was the 1995 purchase of Barings Bank after its dramatic failure that saw ING Group's investment banking business boosted significantly.

To expanding its retail banking business overseas, rather than create a branch network, it used the direct banking business model it had develop with NMB Postbank to launch an overseas direct banking businesses called ING Direct. The first of these was set up in Canada in 1997, this was soon followed in a number of other countries including the US, UK, Germany, France and Australia. The no frills, high rate savings accounts that could only be accessed online were a successful venture and spawned a number of similar services from rival banks.

Capital injection and divestiture[edit]

In 2008 as part of the late-2000s financial crisis ING Group, together with all other major banks in the Netherlands, took a capital injection from the Dutch Government. This support increased ING's capital ratio above 8%, however as a condition of Dutch state aid, the EU demanded a number of changes to the company structure. This resulted in divestiture of a number of businesses around the world, which included insurance businesses in Latin America, Asia, Canada, Australia and New Zealand and the ING Direct unit in the US, Canada and the UK.[7] This included the sale of the ING Direct US operations to Capital One and the ING Direct UK operations to Barclays bank in 2012.[8][9] The spun-off insurance businesses in North America were renamed Voya Financial in 2014.

Global operations[edit]

In November 2003, ING Groep N.V. appointed Michel Tilmant, vice chairman of the executive board, as its new chairman and successor to Ewald Kist.[10]

ING has offices in:[11]

Global headquarters[edit]

NN Group headquarters in Amsterdam

Due to the separation of ING Group into ING Bank and ING Insurance, the new head office of ING Bank and ING Group is located in the Amsterdamse Poort building as of September 2012.[12] ING House is now the head office of NN Group and located in the business district of Zuidas in Amsterdam, Netherlands. It was designed by Roberto Meyer and Jeroen van Schooten and was officially inaugurated on September 16, 2002 by then-Prince Willem-Alexander of the Netherlands. The light-infused building features a 250-seat auditorium, foyer, restaurant, library and an extensive art collection.

Recent notable transactions[edit]

Latin American divestment[edit]

In July 2011, ING divested all its Latin American insurance operations to the Colombian insurance group GrupoSura for US$3.85 billion, excluding ING's 36 percent holding in Brazilian insurer Sul America which will be sold at a later date. Sul America officially started operating the ING Investment Management, Wealth Management, Retire Funds and Pension businesses in Latin America (Chile, Colombia, Mexico, Peru and Uruguay) on February 13, 2012. ING Commercial Bank will keep its operations in Mexico.

The actions are in line with EU demands to split the Group's banking and insurance operations as a condition of Dutch state aid (see below).[13]

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. 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.

Wouter Bos, the Dutch Finance Minister at the time, said the Dutch government's investment was done as a means of fortifying the bank to weather the financial crisis. Management stated that the capital injection shall have no dilutive impact to existing shareholders. As part of the agreement, two government advisers have been appointed to the Supervisory Board of the Group.

In Dec 2009, ING raised €7.3 billion through share issues, and repurchased securities representing half of the €10 billion in state aid. 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.

2012 Settlement with U.S. Treasury Department[edit]

On June 12, 2012, the U.S. Department of the Treasury's Office of Foreign Assets Control announced a $619 million settlement[14] with ING Bank N.V. to settle potential liability for conspiring to violate[15] 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. ING Bank's settlement with OFAC is simultaneous with settlements with the U.S. Attorney's Office for the District of Columbia, the Department of Justice's National Security Division, the Department of Justice's Asset Forfeiture and Money Laundering Section and the New York County District Attorney's Office.

Under the settlement agreement, ING Bank is required to conduct a review of, and to submit a report to OFAC regarding, its policies and procedures and their implementation, taking an appropriate risk-focused sampling of U.S. dollar payments to ensure that its OFAC compliance program is functioning effectively to detect, correct, and report any OFAC-sanctioned transactions that might occur.

Activities[edit]

Beginning in the 1990s, at the instruction of senior bank management, ING Bank employees in Curaçao began processing payments for ING Bank's Cuban banking operations through its branch in Curaçao on behalf of Cuban customers without reference to the payments' origin. The practice of removing and omitting such information was used by other branches of ING Bank's Wholesale Banking Division, including in France, Belgium, and the Netherlands, in processing U.S. dollar payments and trade finance transactions through the United States. In addition, ING Bank's senior management in France authorized, advised in the creation of, and ultimately provided fraudulent endorsement stamps for use by Cuban financial institutions in processing travelers check transactions, which disguised the involvement of Cuban banks in these transactions when they were processed through the United States. Moreover, ING Bank's Trade and Commodity Finance business at its Wholesale Banking branch in the Netherlands routed payments made on behalf of U.S.-sanctioned Cuban clients through other corporate clients to obscure the sanctioned clients' identities and its Romanian branch omitted details from a letter of credit involving a U.S. financial institution to finance the exportation of U.S.-origin goods to Iran.[citation needed]

Other notable activities:

  • In 2004, ING Groep sold CenE Bankiers, which had previously been part of NMB, to F. Van Lanschot Bankiers.[16]
  • On March 25, 2005, the company was to announce the acquisition of a 19.9% stake in the Bank of Beijing and the deal was worth about 1.7 billion yuan, or $200 million.[17]
  • In January 2013, ING announced it had sold its 26% stake in India's Vysya Life Insurance to its joint partner Exide Industries.[18]

ING U.S. IPO and Rebrand[edit]

In 2013, ING U.S. was spun off in an initial public offering ahead of its planned rebranding as Voya Financial. As of 2014, ING Group is no longer the controlling shareholder of its former subsidiary, owning 47% of its shares.[19]

Divisions[edit]

Retail banking[edit]

ING offers retail banking services in the Netherlands, Belgium, Luxembourg, Poland, Romania, Turkey, India, Thailand and China. Non-retail private banking services are offered in the Netherlands, Belgium, Luxembourg, Switzerland and various countries in Asia and Central Europe.

In the Netherlands, ING is the largest retail bank by market share, holding 40% of current account deposits.[20] ING is followed by Rabobank (30%), ABN AMRO (20%), and others (10%).

Outside of the Benelux, ING's current focus is on Central & Eastern Europe, as well as certain high-growth regions in Asia. In India, ING has a 44% stake in ING Vysya Bank and is the Indian bank's largest shareholder. In China, ING has a 17% stake in the Bank of Beijing, the largest urban commercial bank in China.[citation needed] In Thailand, ING has a 30% stake in TMB Bank, a universal banking platform with a nationwide network.

ING Direct[edit]

ING Direct is the Group's brand for a branchless direct bank with operations in Australia, Austria, France, Germany, Italy, and Spain. It offers services over the web, phone, ATM or by mail. The service currently focuses on simple interest-bearing savings accounts for retail customers. ING Direct Italy is currently opening its own "bank shops" in the major towns, where customers can operate services on usual web channels, assisted or not by branch operators, and use advanced teller machines for cash and check transactions.

ING Direct Canada[edit]

See also: Tangerine (bank)

ING's history in Canada dates to 1997 when it founded ING Direct Canada, the first ING Direct operation in the world.[21] As of July 2011, ING Direct Canada had over 1.7 million clients, employed over 900 people and had over US$37.6 billion in assets. ING Direct Canada operated five 'Save Your Money Cafés' (branches) in the major cities of Toronto, Montréal, Calgary and Vancouver.

Its products included savings accounts, tax-free savings accounts (TFSAs), mortgages, retirement savings plans (RSPs), guaranteed investments (GICs), mutual funds, business accounts and a no-fee daily checking accounts. They were known for using a referral program as part of their advertising, allowing members to refer friends whereby both the referrer and referee receive a cash bonus.[22]

On August 29, 2012, Scotiabank announced that it would acquire ING Direct Canada for $3.13 billion.[23] The sale was completed on November 15, 2012.[24] In November 2013, Scotiabank announced the rebranding of ING Direct Canada as Tangerine with the rebranding taking effect on April 8, 2014.[25]

ING Direct United States[edit]

Former ING Insurance at night in Minneapolis, Minnesota in the United States

ING launched a Unites States version of ING Direct savings bank in 2000, with headquarters in Wilmington, Delaware. ING Direct was a member of the Federal Deposit Insurance Corporation (FDIC).

In September 2007, ING Direct acquired 104,000 customers and FDIC insured assets from the failed virtual bank NetBank.[26] Two months later, ING Direct acquired online stock broker Sharebuilder.[27]

In June 2011, Capital One purchased ING Direct USA from ING for US$9 billion (€6.3 billion). The sale was completed on June 16, 2011 with the CEO of ING Group at that time Jan Hommen saying the sale "marks a further important step in the restructuring of ING Group. Yet at the same time we are saying goodbye to a very successful business and a dedicated team...".[28]

On November 7, 2012, Capital One announced that ING Direct's U.S. operations would be re-branded as Capital One 360 and this was completed in February 2013.[29]

ING Direct UK[edit]

ING Direct began operations in the UK in May 2003 and had over one million customers by 2009. Operations were based in Reading, where the company head office was situated as well as an office based in Cardiff. The bank marketed itself as offering good customer service and high interest rates, which were usually higher than its high street competitors, but not always top of comparison tables.[30] The bank has picked up awards for its customer services and mortgage product in 2008 and 2009.[31]

On 8 October 2008, ING purchased the savings accounts of the collapsed Icelandic bank, Kaupthing Singer & Friedlander, the UK Treasury used the Banking (Special Provisions) Act 2008 to transfer the Kaupthing Edge deposit business to ING Direct.[32] Through this, ING Direct took over responsibility for £2.5 billion of deposits of 160,000 UK customers with the Icelandic bank Kaupthing Edge. Some customers were dissatisfied[33] after ING lowered the exceptional high rate the collapsed Kaupthing was previously paying.

ING Direct products in the UK included Savings Accounts, Cash ISAs, Mortgages and Home insurance.

ING announced a plan to exit the UK in August 2012, as it sought to raise funds to repay a bailout from the Dutch government. On 9 October 2012 Barclays announced that it had agreed to buy ING Direct UK, taking on its £10.9bn deposits and £5.6bn mortgage book. ING said it would incur a €320m (£260m; $415m) after-tax loss on the sale, which would involve the transfer of 750 ING Direct staff and 1.5 million customers.[9]

ING Direct Australia[edit]

ING Direct Australia was established in 1999 and is headquartered in Sydney, offering banking online and via telephone. Its products in Australia include Transaction accounts, Savings accounts, Business accounts, Term deposits and Home loans.

The company's operations are regulated by the Australian Prudential Regulation Authority and the Australian Securities and Investments Commission, Federal Government regulators. ING Direct is a division of ING Bank (Australia).

In October 2008, ING Direct suffered a US$749 million outflow of deposit funds. There had been some confusion as to whether or not the Australian Government's guarantee over funds on deposit applied to deposits up to US$1 million with ING DIRECT Australia.[citation needed]

Commercial banking[edit]

ING Commercial Banking, London office

ING Commercial Banking provides banking and financial services to corporations and other institutions. The primary geographic focus of the commercial banking business is the Netherlands, Belgium, Poland and Romania, where it offers a full range of products, from cash management to corporate finance. Elsewhere, it takes a more selective approach to clients and products.

ING Commercial Banking was strengthened in 1995, when ING took over Barings Bank. This acquisition increased the brand recognition of ING around the world and strengthened its Commercial Banking presence in the emerging markets. Following the acquisition and up until 2004, ING's investment banking division was called ING Barings, at which point it severed its ties with the Barings name and combined with ING's other commercial banking operations. However, the top floor of ING's London office is still home to the Baring Art Collection,[34] and the Baring Foundation,[35] a charitable foundation.

Commercial Banking is divided into a number of sub-divisions, including Structured Finance, Financial Markets, Transaction Services and Corporate Finance.

Corporate finance[edit]

ING's Corporate Finance department advises businesses on important corporate transactions, including mergers and acquisitions, initial public offerings, secondary offerings, share buy-backs and management buy-outs. The division is headed jointly by Maurits Duynstee (Head of Corporate Finance, Continental Western Europe) and Pierre Chabrelie (Head of Corporate Finance, UK and CEE). The bank has advised on a number of recent high-profile European transactions including satellite navigation manufacturer TomTom in a €359m rights issue, energy supplier Nuon in its €8.5bn sale to Vattenfall, and printer-maker Océ in its €1.3bn merger with Canon. ING was the leading advisor in the Dutch M&A league tables in 2009.[36]

ING Corporate finance has a strong presence in Russia and Central and Eastern Europe. In 2009 ING advised Mobile TeleSystems OJSC (MTS), Russia's largest mobile operator, in its acquisition of a 51% stake in Comstar UTS for USD 1.27bn,[37] and Russia-focussed oil producer, Exillon Energy on its USD 100m IPO.[38]

Insurance[edit]

ING's insurance business operates throughout America, Asia and Europe.

In 2009, ING announced plans to separate its insurance business from its main banking operations through two IPO's, one for Europe and Asia and another one for the US. The EuroAsia IPO has been delayed while the US IPO is supposed to be completed by the end of 2012. Analysts estimate that the insurance arm is worth up to €16 billion.[39]

As of February 2009, ING Canada (the insurance arm) is no longer a subsidiary of ING Group. ING Group's 70% equity interest was spun off for US$2.2 billion. The company (which has an 11% share of Canada's property and casualty insurance market) was then renamed Intact Financial Corporation in May 2009. ING Group continued to operate ING Bank of Canada, also known as ING Direct Canada.[40]

ING sold its Malaysian insurance business to American International Assurance in October 2012 for a total of €1.3 billion.[41]

ING Australia[edit]

ING Australia was purchased by ANZ in 2009, and rebranded as "OnePath" in 2010.[42] ING Direct Australia remains part of the ING group.

In December 2011, it was reported that ING Australia had been defrauded of US$45 million by an employee.[43] She was convicted and sentenced to 15 years jail.[44]

ING Investment Management[edit]

ING Investment Management is the principal asset manager of the Group and a leading global asset manager. Against the background of the Group realizing its global ambitions, ING Investment Management has also expanded across borders. Today, it is active in 33 countries, including some of the world's fastest-growing economies, such as China, India, Brazil and many Eastern European nations. ING Investment Management operates along regional lines with centers of expertise in Europe, the Americas and Asia-Pacific.

ING Investment Management provides a comprehensive range of investment solutions and services to clients and partners. It manages assets for institutional clients, fund distributors and ING labels, with approximately €326 billion in AUM. Over 3,200 professionals manage client funds globally.[45]

Sponsorships[edit]

ING New York City Marathon

ING sponsors sporting events and artistic exhibitions throughout the world.

Sporting[edit]

For several years, ING has been the title sponsor of marathons including the New York City Marathon, the Miami Marathon, the Georgia Marathon, the Hartford Marathon, the Philadelphia Distance Run and San Francisco's Bay to Breakers.

ING is a major global sponsor of football, sponsoring the Royal Dutch Football Association, Royal Belgian Football Association and the Asian Football Confederation (AFC).[46]

ING was the title sponsor of the Renault Formula One team from the 2007 season to the 2009 season. It was the title sponsor of the Australian Grand Prix and Belgian Grand Prix, the Hungarian Grand Prix, and the Turkish Grand Prix. ING ended its sponsorship of Renault in part due to a reduction in advertising spending and in part due to controversy surrounding the Renault Formula One team.[47]

The arts[edit]

ING's sponsorships in the arts include the Dutch National Museum in Amsterdam (the Rijksmuseum), the New York Museum of Modern Art, and the Royal Concertgebouw Orchestra. ING owns and houses proprietary art collections in Belgium, Mexico, the Netherlands, Poland and the United Kingdom.[48]

ING sponsored the Amsterdam Gay Pride of 2008.[49]

Education[edit]

ING is one of the strategic industry partners with Duisenberg school of finance.[50] ING provides a series of internships and assists with student loans to the accepted students. Also, in-house events are organized for Duisenberg school of finance students to give better insight on the financial industry.

Lawsuit[edit]

On August 16, 2005, the company sued PricewaterhouseCoopers LLP in US federal court over its audits of bankrupt National Century Financial Enterprises and its NPF VI Inc subsidiary.[51]

See also[edit]

Portal icon Amsterdam portal
Portal icon Companies portal

References[edit]

  1. ^ ING Life Insurance: Careers - History of ING. Inglife.co.in. Retrieved on 2013-09-05.
  2. ^ a b c d e f "Annual Results 2011". ING. Retrieved March 16, 2012. 
  3. ^ "The history of the ING lion". ING. 
  4. ^ http://www.inter-alpha.com/ing/default.htm
  5. ^ a b Global 500 Companies 1-100 - Fortune. Money.cnn.com (2012-07-23). Retrieved on 2013-09-05.
  6. ^ "The history of ING". ING Group. March 29, 2011. 
  7. ^ "Barclays to acquire ING Direct UK". BBC News. October 9, 2012. Retrieved 9 October 2012. 
  8. ^ "ING Direct Has Merged with Capital One-May Affect Your FDIC Insurance". NerdWallet.com. Retrieved 26 September 2012. 
  9. ^ a b "Barclays to acquire ING Direct UK". BBC News. October 9, 2012. Retrieved October 9, 2012. 
  10. ^ "ING names new chairman". 
  11. ^ "Products & Services | ING". ING.com. Retrieved 1 March 2014. 
  12. ^ "ING Head office". ING.com. Retrieved 2012-09-01. 
  13. ^ "ING sells Latin American insurance operations". Toronto: The Globe and Mail. July 25, 2011. 
  14. ^ "U.S. Treasury Department Announces $619 Million Settlement with ING Bank, N.V.". U.S. Department of the Treasury. Retrieved 2012-06-13. 
  15. ^ "ING Bank N.V. Agrees to Forfeit $619 Million for Illegal Transactions with Cuban and Iranian Entities". U.S. Department of Justice. Retrieved September 14, 2012. 
  16. ^ "F. Van Lanschot Bankiers and ING GROEP Ratings Affirmed on CenE Bankiers Sale Agreement Jul 04". July 2004. Retrieved July 1, 2013. 
  17. ^ "ING TO ACQUIRE 20% OF BANK OF BEIJING". 
  18. ^ Reuters (23 January 2013). "ING sells stake in India's Vysya Life Insurance". Reuters. 
  19. ^ http://www.desmoinesregister.com/article/20140325/BUSINESS08/303250070/ING-U-S-to-get-new-name-along-with-corporate-ethics-honor
  20. ^ "OECD.org" (PDF). Retrieved 2013-10-14. 
  21. ^ "About Us". Tangerine. Retrieved 17 April 2014. 
  22. ^ "House of Orange Keys: A list of working Orange Keys for ING House of Orange Keys". House of Orange Keys. Retrieved July 18, 2012. 
  23. ^ "Scotiabank to buy ING Bank of Canada for $3.13 billion in cash". The Canadian Press. August 29, 2012. Retrieved August 29, 2012. 
  24. ^ "ING completes sale of ING Direct Canada". Reuters. November 15, 2012. 
  25. ^ "ING Direct renames itself Tangerine". Toronto Star. November 5, 2013. Retrieved 13 November 2013. 
  26. ^ INdirect.com
  27. ^ "ING DIRECT Acquires ShareBuilder" (Press release). ING DIRECT USA. November 19, 2007. Retrieved December 8, 2010. 
  28. ^ "ING completes sale of ING Direct USA". Reuters. February 17, 2012. 
  29. ^ Campbell, Dakin (November 7, 2012). "Capital One Rebrands ING Direct as Orange Ball Gets '360' Motif". Bloomberg. Retrieved November 7, 2012. 
  30. ^ "Savers pull £5.4bn from ING Direct". 
  31. ^ "Top 50 Companies For Customer Service". 
  32. ^ "Kaupthing Singer & Friedlander". HM Treasury. 8 October 2012. 
  33. ^ "INGsavers.co.uk". INGsavers.co.uk. Retrieved 2013-10-14. 
  34. ^ "Baringarchive.org.uk". Baringarchive.org.uk. Retrieved 2013-10-14. 
  35. ^ "Baringfoundation.org.uk". Baringfoundation.org.uk. Retrieved 2013-10-14. 
  36. ^ (Dutch) Overfusies.nl
  37. ^ "MTS to Acquire Controlling Stake of COMSTAR-UTS". Bloomberg News. 
  38. ^ "Exillon Raises $100 Million in London I.P.O.". DealBook. December 14, 2009. 
  39. ^ Steen, Michael (2009-11-11). "Cachef.ft.com". Cachef.ft.com. Retrieved 2013-10-14. 
  40. ^ "ING Canada to rebrand its ING Insurance subsidiary". 2009-02-23. 
  41. ^ Cathy Chan and Maud van Gaal (11 October 2012). "ING Agrees to Sell Malaysia Unit to AIA Group". Bloomberg. 
  42. ^ "Our brand history". OnePath. 
  43. ^ Paul Bibby Courts, smh.com.au (December 16, 2011). "Woman's quest for self-esteem and revenge cost boss $45m". The Sydney Morning Herald. Retrieved 2011-12-16. 
  44. ^ Paul Bibby, smh.com.au (February 10, 2012). "Fifteen years' jail for fraudster's $45 million luxury shopping spree". The Sydney Morning Herald. Retrieved February 10, 2012. 
  45. ^ "ING IM Keyfacts". Ingim.com. 2013-06-30. Retrieved 2013-10-14. 
  46. ^ INGafc.com
  47. ^ "ING press release, end of F1 sponsorship". Ing.com. Retrieved 2013-10-14. 
  48. ^ "INGartcollection.com". INGartcollection.com. Retrieved 2013-10-14. 
  49. ^ "ING en TNT sponsoren Gay Pride". Weareproud.nl. Retrieved 2013-05-17. 
  50. ^ "DSF Industry Partners". 
  51. ^ "ING GROEP SUES PRICEWATERHOUSE OVER AUDITS". 

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