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(, ) (known as '''ING Group''') is a
Financial Institution of
Dutch origin offering
Bank ing,
Insurance and
Asset Management services. ING once stood for '''Internationale Nederlanden Groep'''.
As of
2003 , ING covers 60 million private, corporate and institutional clients in 50 countries with a workforce of over 115,000 people. It has offices in
Canada ,
Peru ,
Chile ,
Spain ,
France ,
Italy ,
Romania ,
Mexico , the
United States ,
Germany ,
UK ,
Belgium ,
Poland ,
Austria ,
Taiwan and
Australia . It owns
ING Direct , a
Virtual Bank with operations in Australia, Canada, the USA, UK, Spain and elsewhere. In the 2007
Forbes Global 2000 , ING was the tenth-largest company in the world.
ING's headquarters in
Amsterdam is somewhat renowned as an
Autonomous Building .
ING's Canadian commercials feature Dutch actor
Frederik De Groot . In Australia, they feature
Scottish comedian
Billy Connolly .
From
2007 , ING became the title sponsor of the
Renault Formula One team. This will continue until at least
2009 . In November 2006, ING was announced as the naming rights sponsor of the
Australian Grand Prix in a three-year deal; The "
ING Australian Grand Prix " will be the first of the 2007 season.
The company was created from the
1991 Merger of Nationale-Nederlanden and NMB Postbank Groep.
- .
- 1997 : ING acquired insurer Equitable of Iowa Companies.
- Canada.
- (BBL) of Belgium .
- .
- insurers ReliaStar, Aetna Financial Services and Aetna International.
- 2000 : ING opened ING Direct USA.
- .
- 2004 : ING Insurance Company of Canada acquired Allianz Canada
- to Sal. Oppenheim
- , a branch of ING Life Hungary .
Over the past several years, the ING Group has come under considerable scrutiny over the ethics of some of their business practices. In October of 2005, the National Association of Securities Dealers (NASD), the leading private-sector provider of financial regulatory services, ordered ING Funds Distributor (IFD) to pay fines of $1.5 million for permitting improper market timing in ING funds and related violations, $1.4 million in restitution to affected mutual funds, and $25,000 fine and 30-day supervisory suspension on an IFD supervisor US PR Newswire, “NASD Orders ING Funds Distributor to Pay $1.5 Million Fine, $1.4 Million in Restitution for Permitting Improper Market Timing; NASD Also Sanctions ING Funds Distributor Supervisor,” October 3, 2005.
On 7.9.2002 ING increased its stake in the equity from 20% to 43.99%in the erstwhile The
Vysya Bank Ltd as a result of which The Vysya Bank Ltd changed its name to
ING Vysya Bank Ltd.
