ING banking unit aims to double income in 3 years

- Wednesday, April 13, 2011

ING banking unit aims to double income in 3 years

Dutch financial services group ING (NYSE: ING) aims to double revenues from its Brazilian banking unit to 100mn euros (US$145mn) in three years, Valor Econômico reported the unit's president, Thomas Lagermann, as saying.

Lagermann said the bank also wants to increase its assets to US$5bn in 2013, from the current US$3bn.

ING's global clients are increasing their presence in Brazil due to the country's strong economic expansion and attractive growth prospects for the coming years, he said.

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The banking unit also plans to boost its presence in the M&A and project finance segments, Lagermann said.