ING Direct expects to launch operations in Japan later this year
ING Group announced today that it has initiated the process of
obtaining a banking license from Japan's Financial Services Agency
(FSA) for ING Direct, ING's direct banking arm. Subject to regulatory
approval, ING Direct expects to launch its operation in the Japanese
market in the second half of 2007.
This step is in line with ING Direct's global strategy to enter large
and mature markets with a developed infrastructure for direct
banking. Japan is of key strategic importance and represents a large
business potential with its ¤5.6 trillion savings market, a middle
class of approximately 90 million people, and one of the world's most
advanced internet and telephone infrastructures.
"By entering Japan, ING Direct will expand its presence to countries
representing approximately 70% of the global savings market. We look
forward to meeting the expectations of Japanese consumers through ING
Direct's core concepts of simplicity, convenience and competitive
pricing that have proved a success in all our nine other countries,"
said Dick Harryvan, CEO of ING Direct and ING Group Executive Board
member. "Our growth is a testimony to the ongoing success of ING's
direct banking platform. ING Direct aims to be the world's most
preferred consumer bank by offering competitive products and making
banking simple".
ING Direct has just celebrated its 10th anniversary, having launched
in Canada in April 1997, and since expanded rapidly to Spain,
Australia, France, USA, Italy, Germany, the UK and Austria. It is the
world's largest direct bank and the leading direct bank in all
markets in which it operates.
ING Direct is one of ING Group's growth engines and currently
contributes 6% to ING Group profit. As of March 2007, the number of
ING Direct clients exceeded 18.2 million in nine countries, Funds
Entrusted were EUR197 billion, Residential Mortgages were EUR75
billion and Off-Balance Funds were EUR16 billion.
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| Pilar Teixeira, ING Group +31 20 541 5469, |
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ING is a global financial institution of Dutch origin offering
banking, insurance and asset management to over 60 million private,
corporate and institutional clients in 50 countries. With a diverse
workforce of over 120,000 people, ING comprises a broad spectrum of
prominent companies that increasingly serve their clients under the
ING brand