Banking

ING Group

Last edited by lenazun on November 25, 2009 - 1:18pm
Company Snapshot: 

ING Groep N.V. (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ING once stood for Internationale Nederlanden Groep.

As of 2003, ING covers 60 million private, corporate and institutional clients in 50 countries with a workforce of over 115,000 people. It has offices in Canada, Peru, Chile, Spain, France, Italy, Romania, Mexico, the United States, Germany, UK, Belgium, Poland, Austria, Taiwan and Australia. It owns ING Direct, a virtual bank with operations in Australia, Canada, the USA, UK, Spain and elsewhere. In the 2007 Forbes Global 2000, ING was the tenth-largest company in the world.

Ownership status: 
Publicly traded
Number of employees worldwide: 
115,218
Chief executive officer: 
Michel Tilmant
Website: 
http://www.ing.com/
Global Fortune 500 rank: 
8
Net Income: 
EUR 8.033 billion
Total revenue: 
EUR 73.621 billion
Corporate accountability
Labor: 

In 2006, ING came under fire from the United Steelworkers union for its apparent involvement in a labor dispute at National Wire Fabric in Star City, Arkansas. National Wire had permanently replaced workers who were on strike against draconian concessions, in violation of international labor rights standards. At the time, ING was the largest single shareholder in Gamma Holding, the Dutch holding company that owned the struck location.

The Steelworkers called on ING to intervene in the labor dispute and help get the replaced workers back to work.

After months of extensive pressure including protests at all of ING's facilities in the US the strike was resolved and the striking USW members returned to work.

Financial information
Stock ticker symbol: 
NYSE: ING, Euronext: INGA
Fiscal year: 
2006
Fiscal year: 
2006
Sources
Related reading: 
SOMO.nl Publications on ING Group