ING Direct 2007 Annual Report Download - page 25

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Retail Banking 22%
Rest 78%
regulatory approval to open 56 new
branches and install 100 off-site cash
machines, and its internet customer base
increased from 90,000 to 145,000. While
in China, the listing of Bank of Beijing on
the Shanghai stock exchange increased the
market value of ING’s investment ten-fold
to some EUR 2 billion.
Expansion into new markets
We entered three key new markets in 2007.
In December, Oyak Bank in Turkey became
ING’s largest acquisition of the year, giving
ING a solid retail banking platform in this
dynamic economy. In Ukraine, another
high-growth economy, we are introducing
the Self’Bank concept, with the aim to
have around 20 branches operational by
mid-2008. And in Thailand, ING reached
agreement to acquire a 30% stake in
TMB Bank, extending our footprint in the
dynamic Asian market.
Meanwhile, increasing wealth worldwide
saw every region contribute to ING Private
Banking’s rapid growth during 2007.
Looking forward
2007 has seen Retail Banking deliver on all
its strategic priorities and we have moved
from a collection of businesses to one
business line with a shared vision focused
on execution and growth.
In May 2007, ING Belgium launched the
Lion Account – an internet-only current
account and the fi rst free-of-charge offer
of a large bank on the Belgian market.
In addition to enjoying no management
costs, Lion Account customers get two
debit cards and access to ATM machines.
The new account aims to attract young
customers from the internet generation
and by the end of December 18% of all
new accounts opened were Lion Accounts.
The Lion Account fi ts perfectly within ING
Belgium’s new strategy of ‘direct when
possible, advice when needed’.
The Lion
Account
Underlying profi t before tax
in percentages
Breakdown of underlying profi t before tax
in EUR million 2007
Netherlands 1,548
Belgium 341
Poland 110
Other* 63
Total 2,062
* Mainly the retail banking operations in Romania, Ukraine, India (ING Vysya Bank),
Private Banking Asia and Americas, ING Card, ING Trust, the ING participations in
Bank of Beijing, TMB and Kookmin Bank.
23
ING Group Annual Review 2007