ING Group

In November 2011, ING Group revealed a major restructuring plan aimed at revitalizing the company following the financial crisis. This plan involved significant changes, including the sale of several businesses and assets to focus more intensively on core banking operations. The strategy was designed to restore financial health, repay state aid received during the crisis, and comply with conditions set by the European Commission. These efforts helped ING reduce costs, streamline operations, and enhance its competitive position within the banking sector while rebuilding its strength after the economic turmoil experienced globally.

In November 2013, ING Group completed its separation from its insurance business, finalizing a crucial restructuring process that was required under the terms of the financial crisis bailout it received in 2008. This split was part of the bank's comprehensive plan to simplify its operations, focus on core banking activities, and comply with regulatory obligations to ensure financial stability. The completion of this split allowed ING to continue its transformation into a more focused banking entity, concentrating on modernizing its offerings and strengthening its financial footing in the wake of the global economic downturn.

In March 2015, ING Group divested a significant portion of its stake in NN Group, a former wholly-owned insurance subsidiary, through an accelerated book-build offering. This move was part of ING's broader divestment strategy to repay the state aid it received during the financial crisis and to comply with European regulations that required it to separate its banking and insurance operations. The sale marked a key step in ING’s efforts to focus on its core banking operations and to streamline its business structure while maintaining a commitment to financial stability and transparency.

On June 1, 2016, ING Group introduced the THINK Forward strategy, which aims to enhance the bank's focus on customer-centricity, increase the pace of innovation, and simplify its operations. The strategy encompassed a vision to deliver a superior customer experience and to adopt a leaner operating model, making use of advanced technology to better serve its clients. A vital component of the strategy was to embrace a continuous improvement culture, with an emphasis on learning and adapting. This strategic direction has guided ING in maintaining its commitment to being a leading digital bank, striving for operational excellence, and ensuring customer satisfaction.

On June 30, 2017, ING Group announced an ambitious digital transformation strategy aimed at adapting to changing customer behaviors and technological advancements. This plan included significant investments into digital banking solutions to improve customer experience and streamline operations. ING aimed to become a frontrunner in offering innovative digital services, and the transformation strategy focused on simplifying its IT infrastructure and expanding digital capabilities across its international branches to serve more than 37 million customers globally. This strategic shift was part of a broader trend in the banking industry to transition from traditional banking services to more agile, technology-oriented solutions.

In September 2018, ING Group's CEO Ralph Hamers stepped down after the company agreed to pay a record €775 million fine to settle a money-laundering case with Dutch prosecutors. The bank acknowledged serious shortcomings in its anti-money laundering policies between 2010 and 2016, during which time accounts were allegedly used to launder hundreds of millions of euros by clients. The settlement was one of the largest financial penalties ever imposed on a bank in the Netherlands and led to significant changes in ING's compliance and management structures.

In August 2019, ING Group became one of the founding signatories of the Poseidon Principles, a framework established to promote sustainable environmental practices within the shipping industry. The initiative aligns with ING's commitment to environmental sustainability and responsible financing by integrating considerations for greenhouse gas emissions into lending decisions for shipping clients. The Poseidon Principles aim to support the global transition to a low-carbon economy by aligning the banking sector with international climate targets. ING’s participation underscores its dedication to corporate responsibility and sustainable development within its business operations.

In February 2020, ING Group made a strategic decision to exit the Czech retail banking market, instead focusing on its core strengths in wholesale banking and aiming to streamline its global operations. The decision was in line with ING's broader strategy to enhance its focus on more profitable markets and optimize its international presence. This move affected around 375,000 retail customers who were directed to complete their transactions and accounts by March of that year. ING retained its presence in the Czech Republic through its corporate and investment banking services, which remained unaffected by this exit.

On April 1, 2021, ING Group appointed Steven van Rijswijk as the new CEO, ushering in a new era of leadership at the bank. Van Rijswijk, who succeeded Ralph Hamers, has been with ING for more than two decades, holding various leadership roles within the company. His appointment marked a significant moment for the organization as it aimed to continue its strategic vision of driving digital transformation, enhancing customer experiences, and strengthening compliance and risk management. Under Van Rijswijk’s leadership, ING is poised to navigate the evolving financial landscape and reinforce its position as a leading global banking institution.

In March 2022, ING Australia reached an agreement to sell its life insurance business to Zurich Financial Services Australia, part of a strategic move by ING Group to concentrate on its core banking services. The sale aligns with ING’s global strategy to streamline operations, focus on essential banking activities, and divest non-core assets. This transaction allowed Zurich to expand its presence in the Australian market while enabling ING to sharpen its focus on banking operations and digital innovation. The move reflects ING's ongoing commitment to optimizing its business model and reinforcing its position as a leading digital financial institution.