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What is ING?

Date Published : Thursday, May 29, 2008

For many Australians, ING is known to them through Billy Connelly. The wily Scot has been fronting TV commercials for the banking and insurance firm for the last ten years. However, other than that, ING is an unknown entity for many Australians.

The ING Group is based in the Netherlands and provides banking, insurance and asset management services in 50 countries worldwide, employing nearly 120,000 people. In Australia, the company is known as ING Direct.

Two companies fall under the ING banner - ING Direct and ING Australia. ING Direct operates in Australia, as well as numerous other countries, with more than 15 million customers on its books. Several acquisitions and mergers throughout the 1990s and the first years of this millennium have cemented its position.

ING Australia is a leading fund managers' life insurer and superannuation provider, with more than $30 billion in assets under management. It is a joint venture between the ING Group and ANZ, with the former owning 51 per cent and the latter, one of the region's largest banks, owning 49 per cent.

Away from professional services, ING provides superannuation funds, as well as home insurance and life insurance. It does have a banking service, which includes savings accounts - however this is limited.

The head office of ING Australia is located in Sydney, while regional offices are found in Brisbane, Adelaide, Melbourne and Perth. An office in Hobart is on the cards to be opened in early 2009.

ING is also the official sponsor of the Australian formula one grand prix, which takes place in Melbourne every March.
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