Private Banking
ING Private Banking is well positioned to capitalise on the global growth in personal wealth. The mix between onshore private banking operations (Belgium and the Netherlands) and offshore (Switzerland and Asia) provides ING with a strong platform to benefit from the worldwide potential. Onshore businesses are centred in the Benelux where ING is able to capitalise on both retail and wholesale distribution models. For the developing markets dedicated teams have been set up. ING Private Banking is growing rapidly, with all regions contributing to that growth.
Europe
The Benelux business benefited from the European savings directive which prolonged the effect of Belgian fiscal amnesty in 2006. In Belgium, ING has been able to capitalise on both its retail and wholesale distribution models. The Swiss business is performing well. The private banking activities are a platform for expanding in Central and Eastern Europe.
Asia
Asia has become the largest profit growth contributor for Private Banking. Population growth and wealth per capita is growing faster than in Europe. In India and China onshore private banking operations are built on the existing retail and wholesale operation of ING Vysya Bank and Bank of Beijing. ING will continue to redeploy capital to accelerate organic growth.
ING Private Banking aims to grow rapidly its assets in the next five years. The objective is to become one of the top-20 players globally by continuing to expand through increasing brand awareness, improving customer loyalty and promoting new innovative investments platforms.