When it comes to global financial institutions, few names are as recognizable as ING. Known for its iconic orange lion logo and innovative approach to banking, ING has grown from a regional Dutch institution into a global financial powerhouse. But how did it all begin? In this blog post, we’ll take a deep dive into the history and evolution of ING, exploring its humble beginnings, key milestones, and how it has adapted to the ever-changing financial landscape.
ING’s story begins in the Netherlands, a country with a rich history of commerce and trade. The company’s roots can be traced back to 1845, when the Dutch government established the Rijkspostspaarbank (National Postal Savings Bank). This institution was created to encourage savings among Dutch citizens, particularly those in rural areas, by offering a safe and accessible way to deposit their money.
In parallel, the Nationale Levensverzekering-Bank (National Life Insurance Bank) was founded in 1863, focusing on providing life insurance services. These two entities would later play a pivotal role in the formation of ING.
Fast forward to the 20th century, and the Dutch financial sector was undergoing significant changes. In 1986, the Postbank was created through the merger of the Rijkspostspaarbank and the Postcheque- en Girodienst (Postal Cheque and Giro Service). This marked the beginning of a more modern and customer-focused banking system in the Netherlands.
The true turning point in ING’s history came in 1991, when the Postbank merged with the Nationale-Nederlanden, one of the largest insurance companies in the Netherlands. This merger created Internationale Nederlanden Groep, or ING for short. The combination of banking and insurance services under one roof was a revolutionary concept at the time, setting ING apart from its competitors.
The newly formed ING quickly established itself as a leader in the financial industry, leveraging its diverse offerings to meet the needs of both individual and corporate clients. The company’s innovative approach to combining banking and insurance services became known as the “bancassurance” model, which has since been adopted by other financial institutions around the world.
In the 1990s, ING began to expand beyond the Netherlands, embarking on an ambitious journey to become a global financial institution. The company entered new markets across Europe, Asia, and the Americas, acquiring several banks and insurance companies along the way. Notable acquisitions included Barings Bank in the UK (1995) and ReliaStar in the United States (2000).
ING’s international expansion was driven by a commitment to innovation and customer-centric services. The company was one of the first to embrace digital banking, launching its online banking platform in the late 1990s. This move positioned ING as a pioneer in the digital transformation of the financial industry, attracting tech-savvy customers and setting the stage for future growth.
Like many financial institutions, ING faced significant challenges during the global financial crisis of 2008. The company received a €10 billion bailout from the Dutch government to stabilize its operations. As part of the bailout agreement, ING was required to restructure its business, divesting several non-core assets and separating its banking and insurance operations.
This period of restructuring marked a turning point for ING. The company refocused its efforts on core banking services, exiting the insurance business entirely by 2016. This strategic shift allowed ING to streamline its operations and strengthen its position as a leading global bank.
Today, ING is recognized as one of the most innovative and customer-focused banks in the world. With a presence in over 40 countries and more than 38 million customers, the company continues to push the boundaries of what’s possible in banking. ING’s digital-first approach has been a key driver of its success, with the bank investing heavily in technology to enhance the customer experience.
From mobile banking apps to AI-powered financial tools, ING is at the forefront of the digital banking revolution. The company’s commitment to sustainability is another defining feature, with ING actively working to finance projects that support a greener and more inclusive economy.
The history and evolution of ING is a testament to the power of innovation, adaptability, and customer-centricity. From its humble beginnings as a Dutch savings bank to its current status as a global financial leader, ING has consistently demonstrated its ability to navigate challenges and seize opportunities.
As the financial industry continues to evolve, ING remains committed to shaping the future of banking. Whether through cutting-edge technology, sustainable finance, or a relentless focus on customer needs, ING’s journey is far from over. One thing is certain: the orange lion will continue to roar for years to come.