ING Group's Services Cover More Than 40 Countries Around The World. Its Core Business Is Banking, Insurance And Asset Management. ING Group Has About 56,000 Employees Worldwide And 53.20 Million Customers, Including Natural Persons, Families, Businesses, Governments And Others, Such As The IMF.
HISTORY
The History Of The ING Group Dates Back To Two Major Insurance Companies In The Netherlands And The Banking Services Of The Dutch Government. In 1991, The Nationale-Nederlanden Insurance Branch Merged With The Bank Branch "NMB Postbank Groep". NMB Stands For "Nederlandsche Middenstands Bank".
HISTORY OF THE ING GROUP
INSURANCE BUSINESS
In 1845, The Fire Insurance Company Assurantie Maatschappij Tegen Brandschade De Nederlanden Van 1845 ("Dutch Fire Insurance Company 1845") Was Established. It Grew Into A Leading Dutch Insurance Company With Branches Outside The Netherlands (139 Branches Worldwide By 1900). It Later Changed Its Name To "De Nederlanden Van 1845". Twenty Years Later, In 1863, The Life Insurance Company Nationale Levensverzekerings Bank ("National Life Insurance Bank") Was Established In Rotterdam. The Two Insurance Companies Made Several Acquisitions And In 1963 Merged To Form Nationale-Nederlanden Insurance.
Banking
The Dutch Postal Savings Bank (Rijkspostspaarbank) Later Evolved Into The Dutch Postal Bank And Later Became The Dutch Anzhi Bank Of The ING Group. ING Direct Has A Savings Business In North America And Europe, And Its Business In The United States Was Acquired By Capital One In 2013. The Canadian Part Was Acquired By Scotiabank And Renamed Tangerine In 2014. ING DIRECT Café Handles Some Simple Business In Major Cities.
Recent Developments
In 2000 ING Acquired Aetna's Global Life Business And Financial Services Business - Namely Aetna International And Aetna Financial Services - For Approximately US $7.70 Billion
On October 20, 2008, The Dutch Government Injected Capital Into ING Group 10 Billion Euros (US $13.40 Billion) ING Group Will Issue 1 Billion Preference Shares To The Dutch Government And Provide A Dividend Payout Ratio Of 8.5%. On The Same Day, ING Sold Taiwan ING Antai Life To Fubon Financial For US $600 Million. Fubon Financial Acquired ING Antai Life For Approximately 15.2 Yuan Per Share (unidentified Unit), Including The Issuance Of Ordinary Shares 406 Million Shares, Accounting For 5% Of The Issued Share Capital.
On January 27, 2009, The Dutch Government Took Over ING's 27.70 Billion Euros (US $35.80 Billion) Non-performing Assets, Assuming Up To 80% Of The Losses, Or About 22 Billion Euros, And ING Will Pay The Government About 600 Million Euros Per Year.
Sep 26, 2009 ANZ Acquired (ING) 51% Stake In ING Australia And ING New Zealand, A Life Insurance And Wealth Management Joint Venture In Australia And New Zealand, For US $1.50 Billion (AUD 1.76 Billion) In Cash
Oct 8, 2009 ING Group Implements The Sale Of Its Swiss Private Banking Business To Julius Baer. Upon Completion Of The Transaction, ING Can Cash Out 500 Million US Dollars (approximately HK $3.90 Billion) 520 Million Swiss Francs In Cash
Oct 16, 2009 ING Group Sold Its Asian Private Banking Business To OCBC Bank, The Third Largest Bank In Singapore, For An Amount Of 1.46 Billion US Dollars (approximately 11.388 Billion HK $).
On October 17, 2009, ING Group Sold Its US Reinsurance Business, ING Reinsurance U.S., To Reinsurance Group Of America, Inc. (RGA). The Amount Involved 100 Million EUR
On October 27, 2009, ING Group Reached An Agreement With The European Commission To Split The Group Into Two Parts: Banking And Insurance. Within Four Years, It Will Be Transformed Into A Smaller Bank Mainly Focused On The European Market. The Rights Issue Will Raise 7.50 Billion Euros (11.25 Billion US Dollars), Of Which 5 Billion Euros Will Be Used To Repay 50% Of The Loan To The Dutch Government. The Company Will Dispose Of All Its Insurance And Investment Management Interests In The Future Through An Initial Public Offering (IPO), Sale Or Merger With Other Companies. Negotiations With The European Union Commission Have Been Completed And Formal Approval Is Expected Before The Special Shareholders' Meeting On November 25. The Agreement Also Includes The Sale By 2013 Of ING Direct USA's Dutch Interadvies And Consumer Finance Unit, Its US-based Online Banking Business.
On June 16, 2011, Capital One Financial Acquired ING Direct, ING's US Online Banking Business, For $9 Billion. The Deal Will Be Financed With $6.20 Billion In Cash And $2.80 Billion Worth Of 55.90 Million Shares Of Stock. Upon Completion Of The Transaction, ING Will Become Capital One's Largest Single Shareholder. According To Recent Filings With The Office Of Thrift Supervision, ING Direct Has Nearly $82 Billion In Deposits And $92 Billion In Assets.
July 25, 2011 ING Sells Most Of Its Latin American Insurance Business To A Colombian Consortium And Investment Management Company GrupodeInversionesSuramericanaSA, In A Transaction Worth About 2.70 Billion Euros. ING's Pension, Life Insurance And Investment Management Divisions In Chile, Mexico, Uruguay, Peru And Colombia, Excluding ING's 36% Stake In Sul America, Brazil's Largest Insurance Company
August 30, 2012 ING Sells ING Direct Canada To Scotiabank For 3.16 Billion Dollars And Renamed Tangerine In 2014. ING DIRECT Café Handles Some Simple Business In Major Cities.
On September 6, 2012 ING Sold All Its Equity In Capital One Financial For Approximately US $3 Billion
On October 10, 2012, AIA Announced That Its Wholly Owned Subsidiary, American International Insurance, Purchased The Entire Share Capital Of ING Malaysia From ING Insurance Asia For 1.30 Billion Euros (approximately HK $13.50 Billion), Excluding The Shares Of ING Investment Malaysia,
On October 11, 2012, China Merchants Bank And China Merchants Securities Will Jointly Take Over The Shares Of China Merchants Fund Transferred By ING. China Merchants Bank And China Merchants Securities Will Jointly Hold 33.3% Of The Fund, Involving An Amount 98 Million Euros, Equivalent To Approximately HK $976 Million.
On October 19, 2012, Pacific Century Development Acquired ING's Insurance Business In Hong Kong, Macau And Thailand For US $2.14 Billion (equivalent To HK $16.60 Billion) In Cash. After The Transaction Was Completed, It Was Renamed FWD (FWD). ING Is Expected To Record A Transaction Profit Of 1 Billion Euros (equivalent To Approximately HK $10.10 Billion).
On May 2, 2013, ING Group's US Business Was Listed On The New York Stock Exchange And Issued 65.20 Million Ordinary Shares At US $19.25 Per Share; The Capital Raised Was 1.27 Billion US Dollars, And The Shareholding Ratio Was Reduced To 75%. ING US Changed Its Name To Voya Financial On January 9, 2014. The Company Mainly Provides Insurance, Pension And Investment Services. VOYA Has More Than $525 Billion In Assets And Serves More Than 13 Million Clients Worldwide. VOYA Is Still One Of The Largest Financial Insurance Companies In The United States, Especially Voya Retirement Solutions Is Still One Of The Largest Pension Fund Management Companies In The United States.
On July 8, 2013, ING Sold Its 50% Stake In The Chinese Joint Venture Insurance Company Sino-Dutch Life Insurance To BNP Paribas Cardif Paribas Insurance Group, An Insurance Subsidiary Of BNP Paribas.
On July 10, 2013, ING Sold Its Korean Investment Management Business To Macquarie Of Australia For An Undisclosed Price. The Assets Under Management Of The Business Are Valued At Approximately 17 Billion Euros (approximately 168.9 Billion Hong Kong Dollars). Upon Completion Of The Transaction, Macquarie Will Become Korea's Largest Overseas Asset Manager.
On August 26, 2013, ING Agreed To Sell 90% Of Its Korean Life Insurance Business ING Life Korea To Private Equity Investment Group MBK Partners For 1.84 Trillion Won (1.7 Billion US Dollars) For 1.24 Billion Euros (approximately 12.8 Billion Hong Kong Dollars). The Transaction Is Expected To Record A Loss Of 950 Million Euros. Following The Completion Of The Transaction, ING Will Still Have A 10% Stake In The Korean Insurance Business, Worth About 107 Million US Dollars.
On January 10, 2014, ING Group Will Sell The Taiwanese Asset Management Business "Antai Securities Investment Trust Joint Stock Company" To The Investment Team Dominated By Japan's Nomura Asset Management Company. Antai Investment Trust Is The Top 10 Asset Management Companies In Taiwan, With Approximately 5.20 Billion Euros In Assets Under Management As Of The End Of October 2013.
In July 2014, ING Spun Off Its European Insurance Business, NN Group, And Issued 70 Million Shares At 20 Euros Per Share, Raising 1.54 Billion Euros (i.e. US $2.10 Billion), Listed On The Amsterdam Stock Exchange, Including The Sale Of 150 Million Euros Worth Of NN Shares To Three Asian Companies. The Three Companies Will Also Subscribe For 1.13 Billion Euros Of Convertible Bonds, Which Can Be Exchanged For NN Shares. 28.6%.
On April 7, 2015, ING Investment Management Was Renamed NN Investment Partners Globally, And Its ING (L) Series Overseas Funds, Which Are Represented By Nomura Securities Investment Trust Joint Stock Company (hereinafter Referred To As Nomura Investment Trust), Were Also Renamed NN (L) Series Overseas Funds.
