ING or ING Bank

Is a Dutch, internationally active bank. ING provides financial services such as banking, investment, life insurance and pensions. The customers of the bank are private individuals, small and large companies, institutions and governments. ING has approximately 8 million account holders and 235 offices in the Netherlands. 

ING Bank N.V. is the only part of the ING Group, which previously also included the insurer Nationale-Nederlanden. Other companies such as banking companies outside the Netherlands are in turn a subsidiary of ING Bank N.V.

History

ING is the main predecessors of the Rijkspostspaarbank, which started as a savings company under the wings of the government in 1881, and the Dutch Central Class Bank (NMB) which initially focused mainly on small businesses in 1927. In addition to the Rijkspostspaarbank, the government had founded the Postcheque and Giro service and in 1986 both went together to the Postbank, which formed the NMB Postbank Group together with the NMB in 1989.

The name ING was created in 1991 by the merger of the NMB Postbank Group with insurer Nationale Nederlanden: it was the abbreviation for International Netherlands Group, but this full name is no longer used, it became ING Group.

The ING Group 

Is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, wholesale banking, private banking, asset management, and insurance services. With total assets of US$967.8 billion,  it is one of the biggest banks in the world, and consistently ranks among the top 30 largest banks globally.

ING is the Dutch member of the Inter-Alpha Group of Banks, a co-operative consortium of 11 prominent European banks.  Since the creation in 2012, ING Bank is a member in the list of global systemically important banks. It has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.

In 2020, ING had 53.2 million clients in more than 40 countries.  The company is a component of the Euro Stoxx 50 stock market index. The long-term debt for the company as of December 2019 is €150 billion.

ING is an abbreviation for Internationale Nederlanden Groep (lit. ’International Netherlands Group’). The orange lion on ING’s logo alludes to the group’s Dutch origins.