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, 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 just €17.9bn in 2016. ING is the market leader in its home territories of the Netherlands and Belgium, and 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. ING 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. Adbrands no longer offers a business profile for this company but subscribers may access account assignments and contact information. The searchable account assignments database is available to full subscribers to Adbrands.net premium services. Click here to access Adbrands account assignments (subscribers only); or see here for information on how to subscribe.
Capsule checked 1st November 2017
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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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