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In India, ING is present in all three fields of
banking, insurance and asset management in the form of ING, ING Vysya Life
Insurance and ING Investment Management respectively. The presence in all three
fields signifies the importance that the group attaches to the Indian markets
and the group's operations here, as well as its bullish future outlook on the
country.
ING and ING Vysya Life Insurance are headquartered
at Bangalore, while the corporate office of ING Investment Management is
situated at Mumbai. The synergies arising out of the three distinct but
complimentary businesses are bound to be an asset to the group in the changing
market dynamics of the future. The first such signs are already visible on the
horizon with combined products being successfully launched by the different
entities of the group in conjunction with each other.
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The origin of ING Group
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On the other hand, ING group originated in 1990 from the merger
between Nationale – Nederlanden NV the largest Dutch Insurance Company and NMB
Post Bank Groep NV. Combining roots and ambitions, the newly formed company
called “Internationale Nederlanden Group”. Market circles soon abbreviated the
name to I-N-G. The company followed suit by changing the statutory name to “ING
Group N.V.”.
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Profile
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| ING has gained recognition for its integrated approach of
banking, insurance and asset management. Furthermore, the company
differentiates itself from other financial service providers by successfully
establishing life insurance companies in countries with emerging economies,
such as Korea, Taiwan, Hungary, Poland, Mexico and Chile. Another
specialisation is ING Direct, an Internet and direct marketing concept with
which ING is rapidly winning retail market share in mature markets. Finally,
ING distinguishes itself internationally as a provider of ‘employee benefits’,
i.e. arrangements of nonwage benefits, such as pension plans for companies and
their employees.
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Mission
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| ING`s mission is to be a leading, global, client-focused,
innovative and low-cost provider of financial services through the distribution
channels of the client’s preference in markets where ING can create value.
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The new identity
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| The immediate benefit to ING ltd is the pride of having become a
member of global financial services giant, with total assets of 1313 billion
euros , net profit of 9.24 billion euros for the year ended December
2007.Further, the presence of the group in over 50 countries, employing over
120000, serving over 75 million customers across the globe, only multiplies the
credibility, not only across the country but also across the globe. The pride
of this global identity, the back up of a financial power house and the status
of being the first Indian International bank, would also greatly enhance
productivity, profitability resulting in improved performance for the bank to
translate into higher returns, to all the stake holders.
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ING
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ING Vysya Bank Ltd., is an entity formed with the coming together of erstwhile,
Vysya Bank Ltd, a premier bank in the Indian Private Sector and a global
financial powerhouse, ING of Dutch origin, during Oct 2002. The origin of the
erstwhile Vysya Bank was pretty humble. It was in the year 1930 that a team of
visionaries came together to found a bank that would extend a helping hand to
those who weren't privileged enough to enjoy banking services.
It's been a long journey since then and the Bank has grown in size and stature
to encompass every area of present-day banking activity and has carved a
distinct identity of being India's Premier Private Sector Bank.
In 1980, the Bank completed fifty years of service to the nation and post 1985;
the Bank made rapid strides to reach the coveted position of being the number
one private sector bank. In 1990, the bank completed its Diamond Jubilee year.
At the Diamond Jubilee Celebrations, the then Finance Minister Prof. Madhu
Dandavate, had termed the performance of the bank ‘Stupendous’. The 75th
anniversary, the Platinum Jubilee of the bank was celebrated during 2005.
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The long journey of seventy-five years has had several milestones…
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| 1930 |
Set up in Bangalore |
| 1948 |
Scheduled Bank |
| 1985 |
Largest Private Sector Bank |
| 1987 |
The Vysya Bank Leasing Ltd. Commenced |
| 1988 |
Pioneered the concept of Co branding of Credit Cards |
| 1990 |
Promoted Vysya Bank Housing Finance Ltd. |
| 1992 |
Deposits cross Rs.1000 crores |
| 1993 |
Number of Branches crossed 300 |
| 1996 |
Signs Strategic Alliance with BBL., Belgium. Two National Awards by Gem &
Jewellery Export Promotion Council for excellent performance in Export
Promotion |
| 1998 |
Cash Management Services, & commissioning of VSAT. Golden Peacock Award -
for the best HR Practices by Institute of Directors. Rated as Best Domestic
Bank in India by Global Finance (International Financial Journal - June 1998) |
| 2000 |
State -of - the -art Date Centre at ITPL, Bangalore.
RBI clears setting up of ING Vysya Life Insurance Company |
| 2001 |
ING-Vysya commenced life insurance business. |
| 2002 |
The Bank launched a range of products & services like the Vys Vyapar Plus,
the range of loan schemes for traders, ATM services, Smartserv, personal
assistant service, Save & Secure, an account that provides accident
hospitalization and insurance cover, Sambandh, the International Debit Card and
the mi-b@nk net banking service.
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| 2002 |
ING takes over the Management of the Bank from October 7th , 2002
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| 2002 |
RBI clears the new name of the Bank as ING Ltd, vide their letter of 17.12.02
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| 2003 |
Introduced customer friendly products like Orange Savings, Orange Current and
Protected Home Loans
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| 2004 |
Introduced Protected Home Loans - a housing loan product |
| 2005 |
Introduced Solo - My Own Account for youth and Customer Service Line – Phone
Banking Service |
| 2006 |
Bank has networked all the branches to facilitate ‘AAA’ transactions i.e.
Anywhere, Anytime & Anyhow Banking |
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In terms of pure numbers, the performance over the
decades can better be appreciated from the following table:
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| Rs. in millions |
| 1940 |
0.001 |
0.400 |
0.400 |
0.001
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4 |
| 1950 |
1.40 |
5.30 |
3.80
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0.09
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16 |
| 1960 |
1.60 |
20.10 |
13.50 |
0.13
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19 |
| 1970 |
3.00 |
91.50 |
62.80 |
0.74
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39 |
| 1980
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11.50 |
1414.30
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813.70 |
1.13 |
228 |
| 1990 |
162.10 |
8509.40 |
4584.80 |
50.35
|
319 |
| 2000 |
5900.00 |
74240.00 |
39380.00 |
443.10
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481 |
| 2001
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6527.00 |
81411.10 |
43163.10
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371.90
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484 |
| 2002 |
6863.24 |
80680.00 |
44180.00 |
687.50
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483 |
| 2003 |
7067.90 |
91870.00 |
56120.00 |
863.50
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456 |
| 2004 |
7473.20 |
104780.00 |
69367.30 |
590.01
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523 |
| 2005 |
7094.00 |
125693.10 |
90805.90 |
(381.80)
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536 |
| 2006 |
10196.70
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133352.50
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102315.20 |
90.6 |
562 |
| 2007 |
11101.90
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154185.70
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119761.70 |
889.0 |
626 |
| 2008 |
14260.00 |
204980.00
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146500.00 |
1569.00 |
677* |
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* Outlets comprises
of 407 branches, 39 ECs, 28 Satellite Offices and 203 ATMs as of March 31st
2008. Additionally bank also has Internet Banking, mi-b@nk and Customer Service
Line for Phone Banking Service.
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ING Vysya Life Insurance Company Limited a part of
the ING Group the world’s largest financial services provider^ entered the
private life insurance industry in India in September 2001. Headquartered at
Bangalore, ING Vysya Life is currently present in 246 cities and has a network
of over 300 branches, staffed by 7,000 employees and over 51,000 advisors,
serving over 5.5 lakh customers.
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Product Portfolio
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| ING Vysya Life follows a “customer centric approach” while
designing its products. The Company’s product portfolio offers products that
cater to every financial requirement, at all life stages.
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The Company aims to make customers look at life insurance afresh, not just as a
tax saving device but as a means to live life to the fullest. It believes in
enhancing the very quality of life, in addition to safeguarding an individual's
security.
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Distribution Channels
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| ING Vysya Life has a diversified distribution platform. While
Tied Agency remains the strongest channel, the Alternate Channels business
within ING Vysya Life is one of the fastest growing distribution channels. ING
Vysya Life has strengthened its position as the unparallel leader in the life
insurance industry in cooperative banks tie ups. The company currently has tie
ups with 130 cooperative banks across the country. The Alternate Channels
division has Bancassurance, ING, Corporate Agents and SMINCE
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The Brand Positioning
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| In 2007, ING Vysya Life developed its unique brand positioning
‘Mera farz’. This positioning means, ING Vysya Life helps its customers fulfil
their responsibilities towards themselves and their families. This powerful
positioning has helped ING Vysya Life create a distinct identity for itself.
The latest brand campaign with a very catchy jingle dwells on how a little
planning and a helping hand from ING Vysya life can help lighten the burden of
responsibilities that often come with happy moments and let you enjoy your life
without any worries.
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Profile:
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In India ING Investment Management (I) Pvt Ltd has
an investor base of over 1,52,677 with Rs. 5080.97 crores as of June 30th, ’07
(Source: www.amfiindia.com ). With a presence in 34 locations, we currently
manage 21 schemes.
ING Investment Management (I) Pvt Ltd has been associated with innovation and
responsive adaptability with sharp minds at work. ING Investment Management has
sealed a position of strength and is considered as one of the top contenders to
challenge the market leaders. ING Investment Management has enjoyed many firsts
and has always maintained a pioneering outlook.
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A few achievements are highlighted below:-
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First Investment Manager to launch a packaged concept in Asset Management
Industry.
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Awarded “Abby Gold 2006” for its advertising Campaign for ING LION Fund.
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Two CRISIL AAAf * products in Debt Fund space. (ING Liquid Fund & ING
Floating Rate Fund).
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First Asset Manager to launch a debt fund based on Credit risk with a portfolio
based on credit monitor. (ING Select Debt Fund).
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First Private Sector Mutual Fund to launch a concept dedicated to women.
(Mahilanivesh).
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ING Dynamic Asset Allocation Fund was awarded “Most Innovative Product” by Asia
Asset Monitor.
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ING Mutual Fund recently launched India’s first DAILY TRANSFER PLAN called Zoom
Investment Pac (ZIP).
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ING Mutual Fund has also pioneered a new reality show on television called
Indian Investor of the Year.
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* The assigned
rating of AAAf is valid only for ‘ING Floating Rate Fund’ and ‘ING Liquid
Fund’. The rating of the fund is not an opinion of the asset management
company’s willingness or ability to make timely payments to the investor. The
rating is also not an opinion on the stability if the NAV of the fund, which
could vary with market developments.
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