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ING Bank (Australia) Limited (
trading Trade involves the transfer of goods and services from one person or entity to another, often in exchange for money. Economists refer to a system or network that allows trade as a market (economics), market. Traders generally negotiate throu ...
as ING since 2017, and as ING DIRECT 1999–2017) is a
direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, mobile app, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct ...
operating in Australia. It is a wholly owned subsidiary of the multinational
Dutch Dutch or Nederlands commonly refers to: * Something of, from, or related to the Netherlands ** Dutch people as an ethnic group () ** Dutch nationality law, history and regulations of Dutch citizenship () ** Dutch language () * In specific terms, i ...
bank,
ING Group ING Group N.V. () is a Dutch multinational corporation, multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, whol ...
. ING in Australia holds an Australian
banking licence In most legal jurisdictions, a financial institution is required to obtain a banking licence before it is legally permitted to carry on a banking business. Besides other requirements, such a business is not permitted to contain in its name words ...
as a foreign subsidiary company. ING operates through a number of controlled entities: trusts and the primary bank division, ING, which operates under the segments of ''Mortgages'', ''Savings'', ''Everyday Banking'', ''Consumer Lending'', ''Superannuation'', ''Insurance, Wholesale Banking'' and ''Commercial Lending''. Founded in 1999, ING in Australia was Australia's first direct bank. It has since grown to become the largest mortgage lender outside of Australia's Big Four banks. ING scores favourably with customer satisfaction and has the highest
net promoter score Net promoter score (NPS) is a market research metric that is based on a single survey question asking respondents to rate the likelihood that they would recommend a company, product, or a service to a friend or colleague. The NPS was developed by ...
of any major financial institution in Australia. As of December 2023, the bank had over 2.8 million customers. In December 2015, ING had a mortgage portfolio valued at AU$38.6 billion and AU$1.6 billion super funds under management, with 34,000 active
superannuation A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a "Defined benefit pension pla ...
retirement accounts in 2014. As of December 2020, ING had a loan portfolio of $65.2b and deposits of $46.6b. Total customers had grown to 2.8m.


History

Vaughn Richtor was the founding
chief executive officer A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization. CEOs find roles in variou ...
of ING DIRECT Australia in 1999, having joined ING Group in 1992. Richtor left Australia in 2005 to head ING Group's Indian operations, ING Vysya Bank before overseeing commercial and retail management in Asia from 2009. Erik Drok served as CEO from 2005 to 2009, followed by Don Koch until 2012. Vaughn Richtor returned as CEO 2012 while remaining to oversee management in Asia for ING Group. In September 2009, the bank sold OnePath, its AU$1.86 billion
insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to protect ...
and
wealth management Wealth management (WM) or wealth management advisory (WMA) is an investment advisory service that provides financial management and wealth advisory services to a wide array of clients ranging from affluent to high-net-worth (HNW) and ultra-hi ...
stake it had shared with the
ANZ Bank The Australia and New Zealand Banking Group Limited, commonly known as ANZ Bank, is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fo ...
in a
joint venture A joint venture (JV) is a business entity created by two or more parties, generally characterized by shared ownership, shared returns and risks, and shared governance. Companies typically pursue joint ventures for one of four reasons: to acce ...
since 2002 (51% ING Group ownership; 49% ANZ ownership), making ANZ the sole owner. The divestment of ING Insurance Australia followed similar measures globally as part of ING Group's structural changes as a result of the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
. In 2010, ING Insurance was subsequently rebranded as
OnePath The Australia and New Zealand Banking Group Limited, commonly known as ANZ Bank, is a multinational banking and financial services company headquartered in Melbourne, Victoria, Australia. It is Australia's second-largest bank by assets and fou ...
. Announced in March 2012, the bank completed an upgrade of IT infrastructure in 2014. The "Zero Touch" project involved moving the bank's entire operations into a
private cloud Cloud computing is "a paradigm for enabling network access to a scalable and elastic pool of shareable physical or virtual resources with self-service provisioning and administration on-demand," according to ISO. Essential characteristics ...
, claimed to be the first for any bank in Australia. Dubbed 'Bank in a box',
virtualization In computing, virtualization (abbreviated v12n) is a series of technologies that allows dividing of physical computing resources into a series of virtual machines, operating systems, processes or containers. Virtualization began in the 1960s wit ...
of the entire banking platform allows for simultaneous copies of the banking platform to exist on the company's servers. This provides greater flexibility and efficiency for developing new products and services, and the new virtualization technology will also improve redundancy measures and customer experience. In September 2012, the bank entered the superannuation market with ''Living Super'', a self-managed superannuation fund (SMSF). Uday Sareen replaced Vaughn Richtor as CEO in June 2016 after Richtor announced his plans to retire from business. In August 2017, the bank announced it was changing its brand name from ING DIRECT to simply ING. In November 2020, Melanie Evans became CEO, the first female and Australian to lead the Australian subsidiary of ING. Prior to being appointed CEO, Melanie Evans led the Retail Banking unit having joined ING in March 2017.


Headquarters and physical locations

The bank launched as ING Direct in August 1999 and operated out of the offices of its sister company ING Australia at 347
Kent Street, Sydney Kent Street is a street in Sydney, Australia. Originally named Soldiers Back Row, it was renamed Kent Street after the Duke of Kent. Kent Street runs south–north from Liverpool Street in the Sydney central business district The Sydney ce ...
and then
North Sydney North Sydney is a suburb and commercial district on the Lower North Shore of Sydney, New South Wales, Australia. And is the administrative centre for the local government area of North Sydney Council. History The Indigenous people on the s ...
. In March 2001 the bank signed a lease on several floors of the 14-storey office building at 140
Sussex Street, Sydney Sussex Street is a street in the central business district of Sydney in New South Wales, Australia. It runs north-south along the western side of the city, between Hickson Road and Hay Street. It is in the local government area of the City of ...
; subsequent growth led to the bank taking on additional floors over the next five years, culminating in ING leasing the entire building from 2007. By the end of 2001, ING had a physical (non-branch) customer-facing presence, via its 'Customer Information Centres' (CICs), at 347 Kent Street, Sydney, 140
Queen Street, Melbourne Queen Street is a street in the Melbourne central business district, Victoria, Australia. The street forms part of the original Hoddle Grid and was laid out in 1837. It runs roughly north-south and is primarily a commercial and financial tho ...
(until August 2007), 100
Edward Street, Brisbane Edward Street is a busy thoroughfare in the Brisbane central business district, Queensland, Australia. It is a one-way street located between Albert Street, Brisbane, Albert Street and Creek Street, Brisbane, Creek Street, and runs from Uppe ...
(until November 2010) and at 45
Pirie Street Pirie Street is a road on the east side of the Adelaide city centre, South Australia. It runs east–west, between East Terrace and King William Street. After crossing King William Street, it continues as Waymouth Street. It forms the south ...
,
Adelaide Adelaide ( , ; ) is the list of Australian capital cities, capital and most populous city of South Australia, as well as the list of cities in Australia by population, fifth-most populous city in Australia. The name "Adelaide" may refer to ei ...
and 158
St Georges Terrace St Georges Terrace (colloquially known as "The Terrace") is the main street in the city of Perth, Western Australia. It runs parallel to the Swan River and forms the major arterial thoroughfare through the central business district. Its ...
,
Perth Perth () is the list of Australian capital cities, capital city of Western Australia. It is the list of cities in Australia by population, fourth-most-populous city in Australia, with a population of over 2.3 million within Greater Perth . The ...
(both until late 2002). The Sydney CIC was relocated to the bank's headquarters at 140 Sussex Street in 2007. In July 2002 a second office was opened in
Tuggerah Tuggerah () is a large commercial hub and a suburb of the Central Coast region of New South Wales, Australia. It is located approximately 91 km north of Sydney and 68 km south of Newcastle. It is the second largest business hub, major ...
, approximately 100 km north of Sydney on the Central Coast of New South Wales; the building was shared with ING Australia. This office serves primarily as a Contact Centre, while also providing some limited administrative functions. In February 2017 ING's headquarters, along with 1,000+ staff members, were relocated to 60 Margaret Street Sydney, where the bank signed a lease over seven floors of the 36-storey tower.


Retail banking

ING offers a variety of banking accounts and financial services to Australian residents. Operating as a
direct bank A direct bank (sometimes called a branch-less bank or virtual bank) is a bank that offers its services only via the Internet, mobile app, email, and other electronic means, often including telephone, online chat, and mobile check deposit. A direct ...
, ING has no ATM network or
branches A branch, also called a ramus in botany, is a stem that grows off from another stem, or when structures like veins in leaves are divided into smaller veins. History and etymology In Old English, there are numerous words for branch, includi ...
of its own, with the exception of the customer service lounge at the ING headquarters in Sydney. Services and support are provided over the phone or through
online banking Online banking, also known as internet banking, virtual banking, web banking or home banking, is a system that enables customers of a bank or other financial institution to conduct a range of financial transactions through the financial institut ...
. No-fee access to any Australian ATM is provided through a
loyalty program A loyalty program or rewards program is a marketing strategy designed to encourage customers to continue to shop at or use the services of one or more businesses associated with the program. Single-company vs. coalition programs Loyalty progr ...
.


Products

* Business savings and commercial mortgage accounts; * Retail and Self-Managed
Superannuation A pension (; ) is a fund into which amounts are paid regularly during an individual's working career, and from which periodic payments are made to support the person's retirement from work. A pension may be either a "Defined benefit pension pla ...
Funds (SMSFs) with
life insurance Life insurance (or life assurance, especially in the Commonwealth of Nations) is a contract A contract is an agreement that specifies certain legally enforceable rights and obligations pertaining to two or more parties. A contract typical ...
; *
Savings Wealth is the abundance of valuable financial assets or physical possessions which can be converted into a form that can be used for transactions. This includes the core meaning as held in the originating Old English word , which is from an ...
and
time deposit A time deposit or term deposit (also known as a certificate of deposit in the United States, and as a guaranteed investment certificate in Canada) is a deposit in a financial institution with a specific maturity date or a period to maturity, c ...
accounts; * Transaction accounts; * Variable and fixed-rate
mortgage loans A mortgage loan or simply mortgage (), in civil law jurisdictions known also as a hypothec loan, is a loan used either by purchasers of real property to raise funds to buy real estate, or by existing property owners to raise funds for any pur ...
; *General insurance; home and contents, car, travel and pet insurance; *Personal loans; *Credits cards; *Wholesale Banking.


Government guarantee

The Australian government's Financial Claims Scheme guarantees deposits up to AU$250,000 per depositor per
authorised deposit-taking institution Financial institutions in Australia are only permitted to accept deposits from the public if they are authorised deposit-taking institutions (ADIs). The ADI’s authority is granted by the Australian Prudential Regulation Authority (APRA) under the ...
(ADI). Deposits with ING are covered by the guarantee. ING operates in Australia as a foreign subsidiary with an Australian banking licence. In 2008, AU$1.5 billion of deposits flowed out from ING, amid consumer uncertainty as to whether the Australian government's deposit guarantee scheme set up during the
2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...
applied to foreign-owned banks. Despite the outflow, deposits soon stabilized with ING achieving a net income of AU$182 million for 2008, up from 2007.


Orange Everyday

ATMs are free to use throughout Australia and overseas where they pay no ING international transaction fees, as long as they deposit $1,000 or more each month and from March 2018 and make 5 or more card purchases.Everyday Bank Account
ING Direct Australia. Retrieved 10 February 2018.


See also

*
Banking in Australia Banking in Australia is dominated by four major banks: Commonwealth Bank, Westpac, Australia & New Zealand Banking Group and National Australia Bank. There are several smaller banks with a presence throughout the country which includes Bendigo a ...
*
List of banks Lists of banks are contained in the following articles: By continent * List of banks in Africa – Each country in Africa has a list of banks operating in that country * List of banks in Asia – Each country in Asia has a list of banks oper ...
*
List of banks in Australia The following is the list of Banking in Australia, banks in Australia, as well as restricted Authorised deposit-taking institution, authorised deposit-taking institutions (ADI), credit unions, friendly society, friendly societies and subsidia ...
*
List of banks in Oceania This is a list of banks in Oceania Australia Central bank *Reserve Bank of Australia Major banks *Australia & New Zealand Banking Group, ANZ Bank **Suncorp Bank, Suncorp *Commonwealth Bank **Bankwest *Macquarie Group, Macquarie Bank *National ...


References


External links

*
ING Group
{{Banking in Australia
Australia Australia, officially the Commonwealth of Australia, is a country comprising mainland Australia, the mainland of the Australia (continent), Australian continent, the island of Tasmania and list of islands of Australia, numerous smaller isl ...
Online banks Banks of Australia Australian subsidiaries of foreign companies Financial services companies based in Sydney 1999 establishments in Australia Banks established in 1999