Ben Holland ING Group, officially known as ING Groep N.V., is a global financial powerhouse headquartered in Amsterdam, Netherlands. Renowned for its innovative approach to banking, insurance, and asset management, ING has established itself as a leader in the financial services industry. With a presence in over 40 countries and a workforce exceeding 60,000 employees, ING serves millions of retail and wholesale clients worldwide. But who is behind ING Group? This article explores the origins, leadership, strategic vision, and global impact of ING, offering a detailed look at the forces that have shaped this Dutch multinational into a global banking giant.
The Origins of ING Group
A Merger That Changed the Game
ING Group was born in 1991 through a landmark merger between two Dutch financial institutions: Nationale-Nederlanden, a leading insurance company, and NMB Postbank Groep, a prominent banking entity. This merger was a pivotal moment in the Netherlands’ financial landscape, as it marked the lifting of legal restrictions on mergers between banks and insurers in 1990. The resulting entity, named Internationale Nederlanden Groep (ING), combined the strengths of both organizations to create a diversified financial services provider.
The roots of ING trace back much further. Nationale-Nederlanden was formed in 1962 through the merger of two insurance companies: De Nederlanden van 1845, a fire insurance company founded in 1845, and Nationale Levensverzekerings Bank, a life insurance provider established in 1863. Meanwhile, NMB Postbank Groep had its origins in the Nederlandsche Middenstands Bank (NMB) and the government-backed postal banking services, including Rijkspostspaarbank, founded in 1881. These institutions brought a rich legacy of financial innovation and customer-centric services to the newly formed ING Group.
The Symbolism of the Orange Lion
ING’s iconic orange lion logo is a nod to its Dutch heritage. Orange is the national color of the Netherlands, and the lion is a symbol of strength and courage in Dutch culture. The logo draws inspiration from the emblems of ING’s predecessor companies, several of which featured lions. For example, the Rijkspostspaarbank used the Dutch coat of arms flanked by two lions, while Nationale-Nederlanden also incorporated lion imagery in its branding. This visual identity underscores ING’s commitment to its roots while projecting a modern, forward-thinking image.
Leadership Behind ING Group
Executive Leadership
At the helm of ING Group is a team of experienced executives who guide the company’s strategic direction. As of 2025, Steven van Rijswijk serves as the Chief Executive Officer (CEO) and Chairman of the Executive Board. Van Rijswijk, who joined ING in 1995, has held various leadership roles across the organization, including positions in risk management, corporate banking, and global markets. His tenure as CEO, which began in 2020, has been marked by a focus on digital transformation, sustainability, and customer-centric innovation.
Other key figures in ING’s leadership include:
- Tanate Phutrakul, Chief Financial Officer (CFO), who oversees the company’s financial strategy and performance.
- Ljiljana Čortan, Chief Risk Officer (CRO), responsible for managing risk across ING’s global operations.
- Karl Guha, Chairman of the Supervisory Board, who provides oversight and strategic guidance.
These leaders work together to ensure ING remains competitive in a rapidly evolving financial landscape, balancing profitability with sustainability and innovation.
Governance Structure
ING operates as a publicly traded company, listed on Euronext Amsterdam (INGA) and the New York Stock Exchange (ING). Its governance structure includes an Executive Board, responsible for day-to-day operations, and a Supervisory Board, which oversees strategic decisions and ensures alignment with shareholder interests. This structure reflects ING’s commitment to transparency and accountability, aligning with global best practices in corporate governance.
ING’s Business Model and Global Reach
Core Business Segments
ING Group operates through several key segments, each catering to specific customer needs:
- Retail Banking: This segment serves individual customers and small to medium-sized enterprises (SMEs) with products such as savings accounts, mortgages, consumer loans, and digital banking services. ING’s retail banking operations are particularly strong in the Netherlands, Belgium, Germany, and other European markets.
- Wholesale Banking: Targeting large corporations and institutional clients, this segment offers specialized lending, corporate finance, trade and treasury services, and debt and equity market solutions.
- Digital Banking (ING Direct): ING pioneered the direct banking model, launching ING Direct in Canada in 1997. This branchless, online banking platform has expanded to countries like the United States, Australia, and Spain, offering high-yield savings accounts and simplified financial products.
Until 2012, ING also had significant insurance and investment management operations, but these were divested following regulatory mandates during the 2008 financial crisis.
Global Footprint
ING’s global presence spans over 40 countries, with a strong focus on Europe, the Americas, and Asia-Pacific. In Europe, ING is a market leader in the Netherlands and Belgium, while its operations in Germany (through ING-DiBa) and Poland (Bank Śląski) are also significant. In the Americas, ING provides wholesale banking services in the United States and has a growing presence in Latin America. In Asia, ING operates in markets like China, India, and Singapore, focusing on wholesale banking and sustainable finance.
As of 2024, ING reported total assets exceeding €1.11 trillion and a net profit of €7.78 billion, underscoring its position as one of the world’s largest banks. Its inclusion in the Financial Stability Board’s list of global systemically important banks highlights its critical role in the global financial system.
Strategic Vision and Innovation
The ‘Think Forward’ Strategy
In 2014, ING launched its ‘Think Forward’ strategy, a bold initiative to transform itself into a digital-first bank. This strategy emphasizes:
- Customer-Centricity: Providing seamless, user-friendly banking experiences through mobile apps and online platforms.
- Digital Innovation: Leveraging technology to simplify financial services, such as contactless payments and AI-driven financial planning tools.
- Global Standardization: Creating a unified digital platform across markets to enhance efficiency and scalability.
The ‘Think Forward’ strategy has positioned ING as a leader in digital banking, with millions of customers using its mobile apps for daily banking needs. For example, ING’s mobile banking app in the Netherlands allows users to manage accounts, apply for loans, and invest in real-time, setting a benchmark for the industry.
Sustainability at the Core
ING is a pioneer in sustainable finance, integrating environmental, social, and governance (ESG) principles into its operations. The bank aims to align its portfolio with the Paris Agreement’s net-zero goals by 2050. Key initiatives include:
- Green Financing: ING has committed billions of euros to finance renewable energy projects, such as wind and solar farms.
- Climate Action: The bank uses its Terra approach to steer its lending portfolio toward low-carbon industries.
- Financial Inclusion: ING supports initiatives to improve financial literacy and access to banking services in underserved communities.
In 2025, ING announced its participation in the Data Center Flexible Load Initiative (DCFlex) in the United States, becoming the first major financial institution to join this effort to promote sustainable energy use in data centers. This move reflects ING’s commitment to addressing the climate crisis through innovative financing solutions.
ING’s Evolution Through Acquisitions and Divestitures
Expansion in the 1990s
Following its formation in 1991, ING embarked on a period of rapid expansion through strategic acquisitions. Notable deals included:
- Barings Bank (1995): ING acquired the UK-based investment bank for £1 after its collapse due to rogue trading by Nick Leeson. This acquisition bolstered ING’s investment banking capabilities.
- Banque Bruxelles Lambert (1998): This Belgian bank strengthened ING’s retail banking presence in Europe.
- ReliaStar and Aetna Financial Services (2000): These US-based acquisitions expanded ING’s insurance operations in North America.
- Bank Śląski (2001): The acquisition of this Polish bank marked ING’s entry into Central Europe’s retail banking market.
These acquisitions helped ING build a global footprint, diversifying its revenue streams across banking and insurance.
The 2008 Financial Crisis and Restructuring
The global financial crisis of 2007–2008 posed significant challenges for ING. In 2008, the bank reported a net loss of €171 million and required a €10 billion capital injection from the Dutch government to stabilize its balance sheet. As a condition of this state aid, the European Commission mandated a major restructuring, requiring ING to divest its insurance and investment management businesses.
By 2012, ING had spun off its insurance operations, including Nationale-Nederlanden (rebranded as NN Group), which went public in 2014. ING also sold its ING Direct units in the US, Canada, and the UK, as well as its insurance businesses in Latin America and Asia. These divestitures transformed ING into a banking-focused institution, aligning with its digital-first strategy.
Challenges and Controversies
Money Laundering Settlement
In 2018, ING faced a significant setback when it agreed to pay €775 million to settle a money laundering case in the Netherlands. The investigation revealed deficiencies in ING’s anti-money laundering processes, particularly in its Dutch operations. The case also prompted scrutiny of former CEO Ralph Hamers, who later joined UBS. ING has since strengthened its compliance frameworks to prevent future issues, emphasizing transparency and accountability.
Cuban Transactions Controversy
In the 1990s and early 2000s, ING’s operations in Curaçao and other branches were found to have processed payments for Cuban clients in a manner that obscured their origins, violating US sanctions. This led to a $619 million settlement with US authorities in 2012. ING has since implemented stricter controls to ensure compliance with international regulations.
ING’s Impact on Customers and Society
Empowering Customers
ING’s purpose is to “empower people to stay a step ahead in life and in business.” This mission drives its product offerings, which are designed to be simple, accessible, and innovative. For example:
- Orange Everyday Account: A no-fee checking account in Australia with features like contactless payments and real-time budgeting tools.
- Sustainable Home Loans: ING offers competitive mortgage rates with incentives for energy-efficient homes.
- Digital Investment Platforms: ING’s investment solutions allow customers to build portfolios through user-friendly apps.
By prioritizing digital accessibility, ING ensures that customers can manage their finances anytime, anywhere.
Supporting Communities
ING is committed to making a positive impact on society. Through its ING Foundation, the bank supports financial education programs, environmental initiatives, and community development projects. In 2024, ING donated millions to charities focused on climate action and financial inclusion, reinforcing its role as a socially responsible corporate citizen.
ING’s Financial Performance
2024 Financial Highlights
ING’s 2024 annual report showcased its financial resilience and strategic success. Key highlights include:
- Total Assets: €1.11 trillion
- Net Profit: €7.78 billion
- Revenue: €24.3 billion
- Stock Price (as of May 13, 2025): $20.67
- Market Capitalization: $62.1 billion
These figures reflect ING’s ability to navigate economic challenges while delivering value to shareholders and customers.
Share Buyback Program
In 2024, ING launched a €2 billion share buyback program, repurchasing millions of shares to enhance shareholder value. By May 2025, the program had repurchased over 125 million shares, demonstrating ING’s confidence in its long-term growth prospects.
The Future of ING Group
Embracing Technology
ING continues to invest heavily in technology to stay ahead in the competitive financial services industry. The bank is exploring artificial intelligence, blockchain, and open banking to enhance its offerings. For example, ING’s AI-driven chatbots provide personalized financial advice, while its blockchain pilots aim to streamline cross-border payments.
Expanding Sustainable Finance
ING’s commitment to sustainability will shape its future growth. The bank plans to increase its green financing portfolio, focusing on renewable energy, sustainable infrastructure, and circular economy projects. By 2030, ING aims to be a global leader in financing the transition to a low-carbon economy.
Navigating Global Challenges
As a global systemically important bank, ING faces challenges such as geopolitical uncertainties, regulatory changes, and cybersecurity risks. However, its robust governance, digital expertise, and focus on sustainability position it to thrive in an ever-changing environment.
Conclusion
ING Group is more than a financial institution; it is a global leader driven by a commitment to innovation, sustainability, and customer empowerment. From its origins in a historic merger to its current status as a digital banking pioneer, ING has consistently adapted to meet the needs of its clients and society. Led by a visionary leadership team and guided by its ‘Think Forward’ strategy, ING continues to shape the future of banking. Whether through sustainable financing, digital innovation, or community engagement, ING Group remains a force for positive change in the financial world.
References
- ING Group Official Website
- ING Group Annual Report 2024
- Wikipedia: ING Group
- Yahoo Finance: ING Groep N.V.
- PitchBook: ING Group Company Profile
