Jump to navigation Jump to search “ING” redirects here. ING Bank Headquarters at Amsterdamse Poort 02. Dutch multinational banking and bitcoin logo color palette services corporation headquartered in Amsterdam.
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. 4 million clients in more than 40 countries. The company is a component of the Euro Stoxx 50 stock market index. ING Group traces its roots to two major insurance companies in the Netherlands and the banking services of the Dutch government.
It later changed its name to “De Nederlanden van 1845”. 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. In 1986, post office banking services were privatised as Postbank N. NMB bank to form NMB Postbank Groep. 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. 1998, US-based insurance company Equitable of Iowa and the commercial bank Furman Selz.
However, it was the 1995 purchase of Barings Bank after its dramatic failure that saw ING Group’s investment banking business boosted significantly. Expanding its retail banking business overseas, rather than create a branch network, it used the direct banking business model it had developed with NMB Postbank to launch an overseas direct banking businesses called ING Direct. The first of these was set up in Canada in 1997, and was soon followed in a number of other countries including the US, UK, Germany, Spain, Italy, France and Australia. In 2008, as part of the late-2000s financial crisis ING Group, together with many other major banks in the Netherlands, took a capital injection from the Dutch Government. In November 2003, ING Groep N. Michel Tilmant, Vice-Chairman of the executive board, as its new chairman and successor to Ewald Kist.
Following the separation of ING Group into ING Bank and ING Insurance, the head office of ING Bank and ING Group is the Amsterdamse Poort building as of September 2012. Building works are currently underway to build a new campus-style headquarters close by with completion expected in late 2019. ING House was the head office of NN Group and located in the business district of Zuidas in Amsterdam, Netherlands from 2012 to 2014. 16 September 2002 by then Prince Willem-Alexander of the Netherlands. The light-infused building features a 250-seat auditorium, foyer, restaurants, library and an extensive art collection.
ING Group accepted a capital injection plan from the Dutch Government. 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 were appointed to the Supervisory Board of the Group. The final tranche of EUR 1. 619 million settlement with ING Bank N. 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 US dollar payments to ensure that its OFAC compliance program is functioning effectively to detect, correct, and report any OFAC-sanctioned transactions that might occur.
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. In 2004, ING Groep sold CenE Bankiers, which had previously been part of NMB, to F. On 25 March 2005, the company announced the acquisition of a 19. Bank of Beijing and the deal was worth about 1. India’s Vysya Life Insurance to joint partner Exide Industries. This contributed to the second largest Series B fundraising in fintech globally.