BANKING
Home About us Contact us Careers Media Desk ING in India ING Group ING Vysya Foundation Sitemap
Select Language   Search
Accounts & Deposits NRI Services Loans Wealth Management FOREX Cards Easy Banking Interest Rates Service Charges
Media Desk
About Us
Careers
Contact Us
Customer Service
 
Jiyo Easy
ING In India
 

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.


The origin of ING Group

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.”.

Profile

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.

Mission

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.

The new identity

The immediate benefit to the bank, ING Vysya Bank, has been the pride of having become a Member of the global financial giant ING. As at the end of the year December 2008, ING's total assets exceeded 1332 billion euros, employed over 125000 people, served over 85 million customers, across 50 countries. This global identity coupled with the back up of a financial power house and the status of being the first Indian International Bank, would also help to enhance productivity, profitability, to result in improved performance of the bank, for the benefit of all the stake holders.

ING

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.


The long journey of seventy-five years has had several milestones…
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.
2002 ING takes over the Management of the Bank from October 7th , 2002
2002 RBI clears the new name of the Bank as ING Vysya Bank Ltd, vide their letter of 10.12.02
2003 Introduced customer friendly products like Orange Savings, Orange Current and Protected Home Loans
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
 
 

In terms of pure numbers, the performance over the decades can better be appreciated from the following table:

Rs. in millions
Year Networth Deposits Advances Profits Outlets
1940 0.001 0.400 0.400 0.001 4
1950 1.40 5.30 3.80 0.09 16
1960 1.60 20.10 13.50 0.13 19
1970 3.00 91.50 62.80 0.74 39
1980 11.50 1414.30 813.70 1.13 228
1990 162.10 8509.40 4584.80 50.35 319
2000 5900.00 74240.00 39380.00 443.10 481
2001 6527.00 81411.10 43163.10 371.90 484
2002 6863.24 80680.00 44180.00 687.50 483
2003 7067.90 91870.00 56120.00 863.50 456
2004 7473.20 104780.00 69367.30 590.01 523
2005 7094.00 125693.10 90805.90 (381.80) 536
2006 10196.70 133352.50 102315.20 90.6 562
2007 11101.90 154185.70 119761.70 889.0 626
2008 14260.00 204980.00 146500.00 1569.00 677
2009 15940.00 248900.00 167510.00 1888.00 857*
 

*  Outlets comprises of 441 branches, 37 ECs, 28 Satellite Offices and 351 ATMs as of March 31st 2009. Additionally bank also has Internet Banking, mi-b@nk and Customer Service Line for Phone Banking Service.


ING Vysya Life Insurance

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.


Product Portfolio

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.
 

In fact, the company has developed the LifeMakerTM a simple tool which can be used to choose a plan most suitable to a specific customer based on his needs, requirements and current life stage. This tool helps you build a complete financial plan for life at every lifestage, whether the requirement is Protection, Savings, Investment or Retirement. Suitable products from ING Vysya Life Insurance’s product portfolio for each such requirement, makes selection of your plan an easy exercise.


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.

Distribution Channels

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

The Brand Positioning

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.

ING Investment Management


Profile:

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.

A few achievements are highlighted below:-
  • First Investment Manager to launch a packaged concept in Asset Management Industry.

  • Awarded “Abby Gold 2006” for its advertising Campaign for ING LION Fund.

  • Two CRISIL AAAf * products in Debt Fund space. (ING Liquid Fund & ING Floating Rate Fund).

  • First Asset Manager to launch a debt fund based on Credit risk with a portfolio based on credit monitor. (ING Select Debt Fund).

  • First Private Sector Mutual Fund to launch a concept dedicated to women. (Mahilanivesh).

  • ING Dynamic Asset Allocation Fund was awarded “Most Innovative Product” by Asia Asset Monitor.

  • ING Mutual Fund recently launched India’s first DAILY TRANSFER PLAN called Zoom Investment Pac (ZIP).

  • ING Mutual Fund has also pioneered a new reality show on television called Indian Investor of the Year.

*  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.

 

ING Vysya Bank Limited