ING to invest in direct banking channels in Belgium

Amsterdam, 7 November 2007

ING announced today that it will strengthen its distribution channels in Belgium by investing in its internet banking platform, increasing its call centre capacity and restructuring its branch network.

The Belgian banking landscape has significantly changed over the past decade as a result of increasing popularity of direct banking. Although direct channels like the internet and call centres are increasingly used, customers continue to seek personal advice for the more complex transactions.

In line with the new Dutch retail strategy, ING Belgium has developed a transformation programme that will allow the bank to accelerate its growth by leveraging its direct channels with its branch network. ING Belgium plans to extend its products and services offering by adding new functionality to its internet banking platform and double its call centre capacity. In parallel, ING will optimise its branch network by transforming its current 794 branches in 242 full service branches and 552 smaller outlets with automated self service cash functions.

ING expects that this transformation will create substantial value. The total cumulative investment for implementation of EUR 94 million over a five-year period is expected to contribute positively to the P&L as of 2009 and is expected to generate additional annual pre-tax earnings of over EUR 100 million in 2012. The additional earnings will arise from improved product and distribution capabilities as well as from increased efficiency.

ING Belgium expects a reduction in the overall number of FTEs of 850 through natural attrition over a five-year period.

Press enquiries

Nanne Bos
ING Group
+31 20 5416516
nanne.bos@ing.com

Louise Van Heel
ING Belgium
+32 2 547 2449
louise.vanheel@ing.be

ING is a global financial institution of Dutch origin offering banking, insurance and asset management to over 75 million private, corporate and institutional clients in more than 50 countries.
With a diverse workforce of about 120,000 people, ING comprises a broad spectrum of prominent companies that increasingly serve their clients under the ING brand