ING Or ING Bank Is A Dutch Bank Active In International Markets. ING Provides Financial Services Such As Banking, Investments, Life Insurance And Pensions. The Bank's Customers Are Individuals, Large And Small Companies, Institutions And Governments. ING Has Approximately 8 Million Account Holders And 235 Branches In The Netherlands. ING Bank NV Is The Only Component Of The ING Group, Which Previously Included Insurance Companies Nationale-Nederlanden. Other Companies, Such As Banking Companies Outside The Netherlands, Are In Turn Subsidiaries Of ING Bank NV.
The Main Precursors Of ING Are Rijkspostspaarbank, Which Was Founded In 1881 As A Savings Company Under The Government, And Nederlandsche Middenstandsbank (NMB), Which Was Founded In 1927 And Was Initially Mainly Aimed At Small Businesses. In Addition To The National Post Office Savings Bank, The Government Also Established A Postal Cheque And Money Transfer Service, Which Was Merged In 1986 To Form Post Bank, Which Together With NMB Formed The NMB Post Bank Group In 1989.
ING Bank N.V., Originally A New Name For The Former NMB, Was Acquired Or Incorporated As One Of The Companies Within The New Group, Along With Postbank, Insurance Branches And Various Subsidiaries In Other Countries. However, On 10 February 2009, Postbank Was Dissolved And Merged Into ING Bank NV, Leaving The Conglomerate With Only One Main Bank Branch In The Netherlands. In The Netherlands, This Also Meant The End Of Giro As A Separate Variant Of The Payment Account. Even After The Privatization Of Postal Bank, The Giro System Remained Separate From The Bank Account System For A Long Time.
Meanwhile, The Holding Company ING Group Was In Trouble Due To The Credit Crunch, And The Group Had To Apply For State Aid. To Make Up For This, The Government Restructured, So, Among Other Things, All Insurance Activities Had To Be Spun Off. As A Result, ING Bank Has Become The Only Remaining Activity Of The ING Group. Although The Company Name Remains ING Bank NV, The Bank Is Referred To Simply As ING In Its Publicity And On Its Website.
In October 2016, ING Announced That It Would Lay Off 7,000 Employees Over 5 Years, Mainly In Belgium And The Netherlands. The Company Wants To Put More Digital Products On The Market, Which Will Reduce The Need For Employees. The Restructuring Is Expected To Result In Annual Cost Savings Of 900 Million Euros In 2021, Offset By A One-off Provision Of 1 Billion Euros. Half Of The Job Cuts Are In Belgium, Where ING Still Has A Large Branch Network. ING And Record Bank Branches Will Merge And Many Will Close.
