Expert Chaslau Koniukh
  • Companies
  • Global investment
  • Investors
  • Terminology
  • Economy
  • Stock Market
  • World exchanges
  • Tech and Marketing
ING
Companies and corporations

ING Banking Group: the history of its foundation and development

08.05.2023
2 min read

Specifics of ING’s business activities

ING Banking Group is the largest financial institution in the Netherlands. In addition to its home country, the company operates around the world. In 2011, ING joined the ranks of systemically important global banks.
The history of the company dates back to 1743 when in one of the regions of the country Kooger Doodenbos mutual aid fund was organized. At that time, such organizations were successful and a large number of foundations were established to represent the interests of people of certain professions and social classes. Over time, such institutions became part of the structure of large corporations, and Kooger was no exception.
ING has existed in its current form since 1991. At that time, ING was formed by the merger of NMB Postbank and the Dutch insurance market leader Nationale-Nederlanden. The new company inherited the logo of a lion from its predecessor, Postbank. The company, which combined 250 years of insurance and banking experience, actively developed. After a while, ING entered the international market. The main strategy of business expansion was mergers and acquisitions. As a result, the bank quickly gained a strong market position in Germany, the USA, Poland, Canada, and other countries. In 1995 Barings Bank, then bankrupt, joined the group.ING Banking GroupActive international expansion was halted in 2008, during the global crisis. ING was hit hard by the market collapse. To stay afloat, the company turned to the Dutch government for help. The authorities supported the company by selling some of its representative offices in Canada, the United Kingdom, and the United States. In addition, the insurance business had to be spun off into a separate company within the NN Group.
At the moment, the main share of profits 60% comes from Europe, about 25% brings activities from the Americas, and the rest of the corporation receives from Asia and Australia. ING’s clients are more than 39 million individuals and companies. The company provides wholesale banking services and works with retail. In 2020, the corporation was among the top 30 global banks in terms of assets. This figure is more than 937 billion euros.
In 2012, ING was involved in a scandal that resulted in a $600 million fine. This was due to the bank’s failure to comply with the sanctions imposed on Iran. The U.S. government accused the company of $1.6 billion in illegal financial transactions. This money was transferred to the accounts of customers from sanctioned countries, including Iran and Cuba.

Tags: Companies and corporations
0
Previous Post Blue chips: what criteria companies use to get this status Next Post Muriel Siebert: the woman who changed the rules of the financial market

You Might Also Like

Rockstar Games
Companies and corporations
Rockstar Games: the studio that gave the world GTA
15.12.2024
WalMart
Companies and corporations
How the world’s largest retail chain WalMart appeared: the story of its founding
16.08.2022
Twitter Inc
Companies and corporations
How did Twitter Inc. come into being: business history
14.07.2021
Philips
Companies and corporations
Philips: stages of development of the Dutch corporation
22.10.2021
Prudential Financial
Companies and corporations
American Prudential Financial Corporation: a giant with a scandalous reputation
25.01.2021
Versace fashion house
Companies and corporations
Versace: the history of the ups and downs of the fashion house
27.10.2022

Popular Posts

  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023

Editor's Picks

Chaslau Koniukh
Analytics

American bankers from JPMorgan and Goldman Sachs advise to invest in gold: review by Chaslau Koniukh.

Press Secretary
17.08.2020
Expert Chaslau Koniukh
Analytics

Chaslau Koniukh on the analysts’ opinion on the key stake size change soon

Press Secretary
18.06.2020
expert Chaslau Koniukh
Analytics

Chaslau Koniukh: Internet trade market in Russia may reach 2.78 trillion rubles.

Press Secretary
30.05.2020
Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh
Analytics

Will the U.S. oil shale industry be able to quickly recover from the crisis: A Review by Chaslau Koniukh

Press Secretary
16.05.2020

Popular Posts

  • Li Ka Shing: How can success be achieved without money and education?
  • Skolkovo analysts: the Russian energy market is suffering losses
  • Ingeborg Mootz: a woman who became a stock player at the age of 75
  • Analysts: Egypt’s economy to continue falling in 2023
  • Businessman Chuck Feeney: the man who gave the world Duty Free
Expert Chaslau Koniukh
  • Facebook
  • Twitter
  • Instagram

© 2024 CHASLAU KONIUKH. ALL RIGHTS RESERVED. Expert in marketing and project management, international investments, financial analyst.

Menu

  • Biography
  • Companies and corporations
  • Global investment
  • Investors and Entrepreneurs
  • Economy
  • Market terminology
  • Stock Market
  • World exchanges
  • Tech and Marketing
  • Analytics