ING Bank growing 20-25% every year in Asia
PrintThe Business Times
Friday, Sep 21, 2012
Earlier in June, the bank said that it was considering moving more of the back office IT operations from the Netherlands and Belgium to Singapore as part of the bank's reorganisation that began last year.
ING is investing 500 million euros (S$794 million) over the next four years in its global transaction services business to ensure it stays competitive as more and more banks compete to provide trade finance and cash management.
"Trade finance is generally low risk, short term, consumes less capital; in general, within banks, there's a shift towards trade finance away from long-term lending," said Juultje van der Wijk, ING global head of trade finance services in June.
ING's annual volume of exports flow facilitated into Asia is 50 billion euros and the biggest flows are to China, India and South Korea. ING ranks No 16 in the Top 20 European Financial Institutions by market capitalisation.
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