ING Groep NV

Description

ING Groep N.V. is a banking and financial holding firm based in Netherlands.

The financial institution, known as ING Group, has a global presence and provides wholesale and retail banking, services to small businesses, private clients, financial institutions, large corporation and governments. It was founded in 1991 after a merger between Internationale Netherlanden and NMB Postbank group.

The banking holding company is listed on the following stock exchanges:

• New York Stock Exchange: ING
• Euronext Amsterdam and Brussels: INGA

The Netherlands-based company claims to serve 39 million corporate clients, financial institutions, and customers across the globe. Some of the banking and financial products include payments, savings, mortgages, loans and investments in retail markets.

In addition, it provides specialized lending, equity and debt market solutions, tailored corporate finance, sustainable finance solutions, trade and treasury services to the wholesale banking clients.

The holding firm says it is dependent on its subsidiaries and for liquidity on payments, including dividend payments. Some of its direct and indirect subsidiaries include ING Direst France, ING-DiBa AG, ING Bank Slski, Bank Mendes Gans, AFP capital, ING Luxembourg SA, OIC Run-Off Ltd, ING Wholesale Nanking, ING Bank AS, etc.

Through its ING Private Cloud platform, the company stores and processes data and IT services such as its mobile phone apps to reportedly offer secure and reliable service to the customers.

The banking company’s wholly owned subsidiary, ING Business Shared Services BV, owns and operates shared service centers across Manila, Bratislava, Warsaw, Katowice and Bucharest. It also aids in cross-border scalability by centralizing operational and IT support tasks such as tech services, global data management, KYC, data analytics and
Modelling, the banking firm claims.

In Germany, the company has a partnership with
Sprengnetter for a real-estate platform, Scoperty, which connects buyers and sellers of more than 35 million properties.

As part of its sustainable initiatives, the banking firm claims to achieve a 19 per cent reduction in its financing to upstream gas and oil by 2040 as compared to the levels in 2019.

It also focuses on Environmental, Social and Governance approach and is included in FTSE Russell and STOXX.