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ING Group N.V.

Company Detail

Description

Dutch financial services and insurance group ING Groep N.V. offers a range of financial products and services, including banking, investment, life insurance, and retirement in some 40 countries. Once present throughout the region, the group began in 2009 to downsize its wholesale banking operations in Latin America as part of its worldwide corporate restructuring and cost rationalization plan. In Latin America, ING carried out wholesale banking operations in Argentina, Brazil, Chile and Mexico. ING, once a major player in Latin America's life insurance and private pension markets, also divested itself of its regional pensions, life insurance and investment management operations, selling them to Colombia's Grupo de Inversiones Suramericana at end-2011. The deals included the mandatory pension and voluntary savings businesses in Chile, Colombia, Mexico and Uruguay, ING's 80% stake in AFP Integra in Peru, the life insurance businesses in Chile and Peru, as well as the local investment management capabilities in those five countries. In addition, it sold its 33.7% stake in Peruvian InVita Seguros de Vida to the Wiese family. The sale of its remaining 10% stake in Brazilian insurer SulAmérica in 2014 was the final step in the firm's exit from Latin America's insurance and investment management market, although the company still has commercial banking operations in Argentina, Brazil and Mexico.

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