in amsterdam in the netherlands type public traded as euronext inga nyse ing industry banking insurance financial services founded 1991 through merger 1 est. 1743 as kooger doodenbos headquarters amsterdam netherlands area served global key people ralph hamers ceo patrick flynn cfo jeroen van der veer chairman of the supervisory board products retail direct private investment commercial banking insurance asset management revenue 42.64 billion 2012 2 operating income 3.89 billion 2012 2 profit 3.10 billion 2012 2 total assets 1.169 trillion 2012 2 total equity 57.69 billion 2012 2 number of employees 84 718 2012 2 website ing.com the ing group dutch ing groep is a dutch multinational banking and financial services corporation headquartered in amsterdam . its primary businesses are retail banking direct banking commercial banking investment banking asset management and insurance services . ing is an abbreviation for internationale nederlanden groep english international netherlands group . the orange lion on ing s logo alludes to the group s dutch origins under the house of orange nassau . 3 ing is the dutch member of the inter alpha group of banks a cooperative consortium of 11 prominent european banks . 4 ing bank was included in a list of global systemically important banks in 2012 . according to the fortune global 500 in 2012 ing was the world s largest banking financial services and insurance conglomerate by revenue with gross receipts exceeding 150 billion per annum ; overall it was the 18th largest corporation by revenue . 5 as of 2013 ing served over 48 million individual and institutional clients in more than 40 countries with a worldwide workforce exceeding 75 000 . the company is a component of the euro stoxx 50 stock market index . 6 contents 1 history 1.1 insurance 1.2 banking 1.3 merger of banking and insurance 1.4 further acquisitions 1.5 overseas expansion 1.6 capital injection and divestiture 2 global operations 3 global headquarters 4 recent notable transactions 4.1 latin american divestment 4.2 capital injection and repayment 4.3 2012 settlement with us treasury department 4.3.1 activities 4.4 ing us ipo and re brand 5 divisions 5.1 retail banking 5.2 ing direct 5.2.1 ing direct australia 5.2.2 ing direct canada 5.2.3 ing direct united kingdom 5.2.4 ing direct united states 5.3 wholesale banking 5.3.1 corporate finance 5.4 insurance 5.4.1 ing australia 5.5 ing investment management 6 sponsorships 6.1 sporting 6.2 arts 6.3 education 7 see also 8 references 9 external links 9.1 ing websites 9.2 other websites history edit ing group traces its roots to two major insurance companies in the netherlands and the banking services of the dutch government . insurance edit in 1845 the fire insurance company the assurantie maatschappij tegen brandschade de nederlanden van 1845 fire insurance company of the netherlands established 1845 was founded and grew to be the first insurance company with branches outside the netherlands of which it had 139 the world over by 1900 . it later changed its name to de nederlanden van 1845 . two decades later in 1863 the life insurance company nationale levensverzekerings bank national life insurance bank was founded in rotterdam . these two insurance companies would make multiple acquisitions before merging to form the combined insurance company the nationale nederlanden in 1963 . the combined insurance company would expand significantly during the 1970s and 1980s . 7 banking edit in 1881 the dutch government created the rijkspostspaarbank a postal savings system to encourage workers to start saving . four decades later they added the postcheque and girodienst services allowing working families to make payments via post offices . separately in 1927 the dutch government initiated a re organisation of dutch banks which resulted in the creation of the nederlandsche middenstands bank nmb . nmb s focus was retail banking in the netherlands and abroad . in 1986 post office banking services were privatised as postbank n.v. and three years later it would merge with nmb bank to form nmb postbank groep . merger of banking and insurance edit in 1991 the banking business of nmb postbank groep and the insurance business of nationale nederlanden were merged to create ing group after changes in regulation that allowed banks and insurance businesses to work together . further acquisitions edit since the ing group was founded it has made several acquisitions organization year core business parcom 1994 asset management wellington 1995 insurance barings 1995 banking equitable of iowa 1997 insurance furman selz 1997 banking bank mendes gans 1997 banking guardian 1998 insurance clarion 1998 asset management bank brussels lambert 1998 banking canadian group underwriters 1999 insurance aetna 2000 insurance reliastar 2000 insurance seguros comercial am rica 2001 insurance bank l ski 2001 banking diba 2002 banking allianc of canada 2004 insurance rodamco asia 2004 asset management overseas expansion edit ing group expanded its international business through a number of acquisitions through the 1990s including belgian bank banque bruxelles lambert bbl in 1998 us based insurance company equitable of iowa and the commercial bank furman selz . it also acquired frankfurt based bhf bank in 1999 although disposed of this later . it increased its latin american and asia pacific s insurance businesses with the acquisition of reliastar and aetna s financial services unit . it also acquired the polish bank l ski and mexican insurance company seguros comercial am rica . however it was the 1995 purchase of barings bank after its dramatic failure that saw ing group s investment banking business boosted significantly . expanding its retail banking business overseas rather than create a branch network it used the direct banking business model it had developed with nmb postbank to launch an overseas direct banking businesses called ing direct . the first of these was set up in canada in 1997 and was soon followed in a number of other countries including the us uk germany france and australia . the no frills high rate savings accounts that could only be accessed online were a successful venture and spawned a number of similar services from rival banks . capital injection and divestiture edit in 2008 as part of the late 2000s financial crisis ing group together with all other major banks in the netherlands took a capital injection from the dutch government . this support increased ing s capital ratio above 8 % however as a condition of dutch state aid the eu demanded a number of changes to the company structure . this resulted in the sale of a number of businesses around the world which included insurance businesses in latin america asia canada australia and new zealand and the ing direct unit in the us canada and the uk . 8 this included the sale of the ing direct us operations to capital one and the ing direct uk operations to barclays bank in 2012 . 9 10 the spun off insurance businesses in north america were renamed voya financial in 2014 . global operations edit in november 2003 ing groep n.v. appointed michel tilmant vice chairman of the executive board as its new chairman and successor to ewald kist . 11 ing has offices in 12 argentina australia austria belgium brazil bulgaria china czech republic france germany greece hong kong hungary india indonesia italy japan kazakhstan luxembourg malaysia mexico mongolia netherlands philippines poland portugal romania russia singapore slovakia south korea spain switzerland taiwan thailand turkey ukraine united arab emirates united kingdom united states vietnam global headquarters edit due to the separation of ing group into ing bank and ing insurance the new head office of ing bank and ing group is in the amsterdamse poort building as of september 2012 . 13 ing house is the former ing group headquarters 2002 2012 and nn group head office 2012 2014 ing house was the head office of nn group and located in the business district of zuidas in amsterdam netherlands from 2012 to 2014 . 14 it was designed by roberto meyer and jeroen van schooten meyer en van schooten nl and was officially opened on 16 september 2002 by then prince willem alexander of the netherlands . the light infused building features a 250 seat auditorium foyer restaurants library and an extensive art collection . recent notable transactions edit latin american divestment edit in july 2011 ing divested all its latin american insurance operations to the colombian insurance group gruposura for us 3.85 billion excluding ing s 36 percent holding in brazilian insurer sulam rica seguros which will be sold at a later date . sulam rica seguros officially started operating the ing investment management wealth management retire funds and pension businesses in latin america chile colombia mexico peru and uruguay on february 13 2012 . ing commercial bank will keep its operations in mexico . the actions are in line with eu demands to split the group s banking and insurance operations as a condition of dutch state aid see below . 15 capital injection and repayment edit in october 2008 in a move to increase its core tier 1 capital ratio above 8 % ing group accepted a capital injection plan from the dutch government . the plan supplied 10 billion us 13.5 billion to the operation in exchange for securities and veto rights on major operational changes and investments . the european commission also required ing to divest itself of its insurance and investment management operations by the end of 2013 as a condition of approving the state aid . wouter bos the dutch finance minister at the time said the dutch government s investment was done as a means of fortifying the bank to weather the financial crisis . management stated that the capital injection shall have no dilutive impact to existing shareholders . as part of the agreement two government advisers were appointed to the supervisory board of the group . in december 2009 ing raised 7.3 billion through share issues and repurchased securities representing half of the 10 billion in state aid . it repurchased another 2 billion in may 2011 at a 50 % premium and looked to complete the repayments by may 2012 . however in january 2012 it cited eurozone conditions in putting the repayment timetable as 2012 2013 for the remaining 3 billion . 2012 settlement with us treasury department edit on 12 june 2012 the us department of the treasury s office of foreign assets control announced a 619 million settlement 16 with ing bank n.v. to settle potential liability for conspiring to violate 17 the international emergency economic powers act ieepa and the trading with the enemy act twea and for violating new york state laws by illegally moving billions of dollars through the u.s. financial system on behalf of sanctioned cuban and iranian entities . ing bank s settlement with ofac is simultaneous with settlements with the us attorney s office for the district of columbia the department of justice s national security division the department of justice s asset forfeiture and money laundering section and the new york county district attorney s office . under the settlement agreement ing bank is required to conduct a review of and to submit a report to ofac regarding its policies and procedures and their implementation taking an appropriate risk focused sampling of us dollar payments to ensure that its ofac compliance program is functioning effectively to detect correct and report any ofac sanctioned transactions that might occur . activities edit beginning in the 1990s at the instruction of senior bank management ing bank employees in cura ao began processing payments for ing bank s cuban banking operations through its branch in cura ao on behalf of cuban customers without reference to the payments origin . the practice of removing and omitting such information was used by other branches of ing bank s wholesale banking division including in france belgium and the netherlands in processing us dollar payments and trade finance transactions through the united states . in addition ing bank s senior management in france authorised advised in the creation of