Our mission
ING aims to deliver its financial products and services in the way its customers want them delivered: with exemplary service, convenience and at competitive prices. This is reflected in our mission statement: to set the standard in helping our customers manage their financial future.
Our strategy
ING aims to deliver financial products and services in the way that our customers want them delivered: with exemplary service and maximum convenience at competitive prices.
How we are getting there
We are a global financial institution of Dutch origin, currently offering banking, investments, life insurance and retirement services.
In early 2009 we introduced our “Back to Basics” programme to streamline the company while reducing risk, costs and leverage. A key element in this streamlining process was a commitment to reduce complexity by operating the Bank and Insurer separately under one Group umbrella.
On 26 October 2009, we announced that we will move over the coming years towards a complete separation of our banking and insurance operations (including Investment Management). We see this as the logical next step in our Back to Basics programme and the right time to take that step. The separation is expected to be executed by the end of 2013.
Why this change of approach? Prior to the crisis, being a combined banking and insurance company gave ING advantages of scale, capital efficiency and earnings stability. The landscape has been transformed by the crisis and we now believe the widespread demand for greater simplicity, reliability and transparency makes the complete separation of the banking and insurance operations the best course of action for all our stakeholders.
In the future, the most successful financial services organisations will be those that earn and maintain their customers’ trust through transparent products, value for money and superior service. The split will enable both our Bank and our Insurer to emerge from the crisis more efficient, more agile and better equipped to meet our customers’ needs.
Two strong businesses
We will do all we can to secure the lasting success of both our banking and insurance operations. Ensuring business continues as usual for our customers, and that during the reorganization process we protect value for shareholders while meeting the broader interests of our employees and many other stakeholders.
We will continue to operate and invest in our insurance businesses as if we are the long-term owner in a way that enhances their market position and financial performance.
Across both banking and insurance operations, we will continue on the course set out in the first phase of our “Back to Basics” programme. This will include the on-going streamlining and standardisation of processes and systems, further procurement savings, and continually improving the effectiveness and efficiency of our IT systems.
Banking strategy
ING’s long-term goal is to be a leading European retail and commercial bank. Our banking activities will be based on the proven strengths of gathering savings, distribution leadership, simple propositions and strong marketing. We will be predominantly focused on Europe with selective growth options elsewhere.
Over time, we will build on our current strong market positions to maintain our financial performance through commercial and operational excellence, high customer satisfaction, and a strong capital position.
Insurance and Investment Management strategy
Our insurance company is a leader in retirement services, with an attractive mix of mature and growth markets. Ensuring improvement in the financial performance of all our insurance businesses is a key component of our strategy.
The insurance business will focus on our long-term structural leadership positions in life and retirement services. The business will be managed regionally, with key building blocks including the operations in the Benelux, US, Central Europe, Latin America and Asia. We will continue to work to capture synergies and best practices throughout our insurance businesses.
Investment Management will continue to pursue its strategy to become an integrated, globally-managed asset manager, combining three regional operations and ING Real Estate Investment Management. Managed as a separate management centre, it will provide services to third party clients as well as insurance and banking subsidiaries. Though managed globally, Investment Management recognises the importance of having a strong local presence in key markets.