ING Direct 2011 Annual Report Download - page 8

OUR MISSION
ING’s mission is to setthe standard in helping our
customers manage theirfinancial future. We aim
to deliver financial products and services inthe way
our customers want them delivered: with exemplary
service, convenience and at competitive prices.
OUR PROFILE
ING is a global financial institution of Dutch origin,
currently offering banking, investments, life insurance
andretirement services to meet the needs of a broad
customer base. Going forward, we will concentrate
onour position as a strong European bank with attractive
home market positions in Northern Europe and growth
options in Central and Eastern Europe and Asia, while
creating an optimal base for independent futures forour
insurance operations (including investment management).
OUR STRATEGY
To serve the interests of our stakeholders, increase
management focus and create value for our shareholders,
ING is moving towards separation of itsbanking and
insurance operations. We believe the widespread
demand for greater simplicity, reliability and transparency
makes this the best course of action. The separation is
also part of the restructuring plan submitted to the
European Commission in order to get approval for the
Dutch state aid received during the financial crisis. Inthe
future, ING Bank intends to be a strong European bank,
with leading domestic banking positions in attractive,
stable home markets, as well as a leading commercial
bank in the Benelux and Central and Eastern Europe. We
also intend to continue to selectively evolve our various
ING Direct units intomore mature full-service banking
models. These initiatives in Europe, coupled with our
positions outside of Europe, should give the Bank
attractive growth potential in the longterm. ING will
build on its global presence and international network
and capitalise on its leadership position in gathering
savings, multi-channel distribution, simple propositions
and marketing. On the insurance side, the focuswill be
on continuing to improve performance in order to
optimise returns and value for the business as we prepare
for separation. Wewill focus onearning our customers’
trust through transparent products, value for money and
superior service. This reflects our universal customer ideal:
saving and investing for the future should be easier.
OUR CUSTOMERS
ING serves a broad customer base, comprising
individuals, families, small businesses, large
corporations, institutions and governments.
OUR STAKEHOLDERS
ING conducts business on the basis of clearly-defined
business principles. In all our activities, we carefully
weigh the interests of our various stakeholders:
customers, employees, business relations and suppliers,
society at large and shareholders.
OUR CORPORATE RESPONSIBILITY
ING wants to build its future on sustainable profit
based on sound business ethics and respect for its
stakeholders and to be a good corporate citizen. It is
only by acting with professionalism and integrity that
we will maintain our stakeholders’ trust and preserve
our reputation. Our Business Principles prescribe the
corporate values we pursue and the responsibilities we
have towards society and the environment: we act with
integrity, we are open and clear, we respect each other
and we are socially and environmentally responsible.
Repayment of core Tier 1 securities
It is one of ING’s priorities to repay the remaining
EUR3billion of capital support to the Dutch State
assoon as possible. However, in light of the current
challenging and changing financial and regulatory
environment we take a cautious approach and
maintain strong capital ratios as we build towards
Basel III and satisfy other regulatory requirements.
Building stronger businesses
One of ING Bank’s priorities is to generate capital
andreach a core Tier 1 ratio of at least 10% by 2013.
From2013, the Bank aims for moderate balance sheet
growth in line with GDP growth and a strong focus
on deposits generation. ING Insurance/IM will continue
to focus on its customers and distributors by providing
exemplary products and service, as it restructures
in preparation for a stand-alone future.
CREATING STRONGER STAND-ALONE BUSINESSES
Strategic priorities
Our strategic priorities are to strengthen the company’s
financial position, to restructure, to streamline the
business portfolio, to repay the Dutch state aid and
to build stronger banking and insurance/investment
management businesses, all based on sound business
ethics and good corporate citizenship.
Strong financial position
Solid earnings and a strong capital and funding position
enable ING to support its customers also in uncertain
times. On the banking side the core Tier 1 ratio, a key
measure of financial strength, was at 9.6% at the
end of 2011. ING Insurance/Investment Management’s
(IM) operating resultsmostly showed improvement
throughout 2011.
Restructuring and streamlining on track
The restructuring of the Group is on track, with
our banking and insurance/investment management
businesses operating as stand-alone companies from
January 2011. Further progress on separation projects
and divestments was made throughout 2011.
6ING Group Annual Report 2011
ING at a glance