ING Group is the leading bank in Europe's Benelux region, and retains a significant global footprint, but the current business is just a shadow of what it was a decade ago. In 2016, it completed the final stages of a dramatic restructuring ordered by European regulators in the wake of its rescue from near-collapse by the Dutch government during the 2008/09 financial crisis. More than half of the group's pre-2008 operations have been divested. It remains a leading global bank, with operations mainly in Europe, but also Australia and some other Asia Pacific markets, either as a traditional retail and commercial bank or under the online-only banner ING Direct. However, weaker banking operations in North America and the UK have been divested (to Capital One, ScotiaBank and Barclays). So have all of the group's once-extensive insurance operations. In the US, these now trade as Voya Financial, while European and Asia insurance now operates independently as NN Group. ING's remaining shares in that business were sold in 2016. Revenues have collapsed from over €75bn in 2007 to €18.3bn in 2018. Net income was €4.9bn. ING is the market leader in its home territories of the Netherlands and Belgium, and also has a strong presence in Germany via direct division ING Diba. Those three countries together account for two thirds of revenues. ING Direct also still operates in a few other European markets as well as Australia. Ralph Hamers is group CEO. The bank is a major sponsor of arts and cultural events in the Netherlands, as well as sport, primarily football. The group was created in 1991 from the merger of the Netherlands' largest and oldest insurer Nationale-Nederlanden with one of its biggest banks, NMB Postbank. It expanded over the following 15 years with a string of acquisitions around the world including in 1995 the rescue of the famed UK-based investment bank Baring Brothers. The ING Direct service was launched outside the Benelux region for the first time in 1997.
Capsule checked 6th January 2020
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Adbrands Weekly Update 23rd Jun 2016: There were two Grand Prix winners in the Cyber category at Cannes Lions this week. We've already honoured in these pages Leo Burnett Madrid's Pixar-esque animated film Justino for the Spanish Lottery, a worthy winner of one of those two trophies, and a past Adbrands Ad of the Week. (See it again on our Facebook page). The other - as well as a separate Grand Prix for Creative Data - went to this technically impressive project to create a new computer-generated Rembrandt painting by analysing the data of all the ones we already have. It's a bold idea, coordinated by J Walter Thompson Amsterdam for sponsor ING and the Rembrandthuis, but we have to say that in our opinion it rather misses the whole point of art and what makes the original paintings so vibrant. It will be a sad day indeed for humanity when we rely on computers and technicians to make our finest art.
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