ING Australia

{{Infobox company

| name = ING Bank (Australia) Limited

| logo = ING Group N.V. Logo.svg

| logo_size =

| image = AUS Sydney, Central Business District, Jamison Street 001.jpg

| image_size = 180

| image_caption = Headquarters at 60 Margaret Street (Met Centre), Sydney

| type = Subsidiary

| traded_as =

| foundation = 1999

| hq_location = 60 Margaret Street, Sydney, Australia

| key_people = Melanie Evans, CEO

| area_served = Australia

| industry = Banking, financial services

| products = Finance and insurance
Consumer banking
Corporate banking
Superannuation
Mortgages

| revenue = {{profit}} {{A$}}1.69 billion (2023)

| net_income = {{profit}} A$654 million (2023)

| assets = {{profit}} A$87.0 billion (2023)

| equity = {{loss}} A$6.0 billion (2023)

| num_employees = 2,486 (December 2023){{cite web|url=https://www.ing.com.au/assets/pdf/2023_Annual_Report_ING_Australia.pdf |title=2023 Annual Report ING Australia |date=March 2024 |access-date=21 May 2024}}

| parent = ING Group

| divisions = Retail banking, business banking, wholesale banking

| subsid =

| homepage = [https://www.ing.com.au/ www.ing.com.au]

}}

ING Bank (Australia) Limited (trading as ING since 2017, and as ING DIRECT 1999–2017) is a direct bank operating in Australia. It is a wholly owned subsidiary of the multinational Dutch bank, ING Group. ING in Australia holds an Australian banking licence as a foreign subsidiary company.{{cite web |url=http://www.apra.gov.au/adi/Pages/adilist.aspx |title=List of Authorised Deposit-taking Institutions |author= |date=8 May 2015 |website=Australian Prudential Regulation Authority (APRA) |publisher=Australian Government |access-date=12 May 2015 |archive-date=30 July 2014 |archive-url=https://web.archive.org/web/20140730182132/http://www.apra.gov.au/adi/Pages/adilist.aspx |url-status=dead }}

ING operates through a number of controlled entities: trusts and the primary bank division, ING, which operates under the segments of Mortgages, Savings, Everyday Banking, Consumer Lending, Superannuation, Insurance, Wholesale Banking and Commercial Lending.

Founded in 1999, ING in Australia was Australia's first direct bank. It has since grown to become the largest mortgage lender outside of Australia's Big Four banks.{{cite web |url=http://www.realtytoday.com/articles/3653/20130222/ing-group-selling-2-billion-mortgage-bonds.htm |title=ING Group Selling $2 Billion in Mortgage Bonds from ING Australia Bank, Australia's Fifth Largest Mortgage Lender |last1=Varughese |first1=Ansa |date=22 February 2015 |website=Realty Today|access-date=11 May 2015}} ING scores favourably with customer satisfaction and has the highest net promoter score of any major financial institution in Australia.{{cite web |url=http://prwire.com.au/pr/48374/australians-more-likely-to-recommend-ing-direct-than-other-banks |title=Australians more likely to recommend ING than other banks |author= |website=PR Wire |access-date=11 May 2015}}{{cite web |url=http://www.infochoice.com.au/home-loans/news/ing-direct-tops-customer-satisfaction-ratings/37049/2/16 |title=ING Direct tops customer satisfaction ratings |author= |date=1 September 2009|website=InfoChoice |publisher=Info Choice Pty Ltd |access-date=11 May 2015}}

As of December 2023, the bank had over 2.8 million customers. In December 2015, ING had a mortgage portfolio valued at AU$38.6 billion and AU$1.6 billion super funds under management, with 34,000 active superannuation retirement accounts in 2014.{{cite web |url=http://www.smh.com.au/business/banking-and-finance/ing-australia-fullyear-profit-rises-6pc-on-new-customers-20160330-gnumop.html |title=ING in Australia full-year profit rises 6pc on new customers |last1=Drummond |first1=Shaun |date=31 March 2016 |website=Sydney Morning Herald|publisher=Fairfax Media|access-date=1 April 2016}}

As of December 2020, ING had a loan portfolio of $65.2b and deposits of $46.6b. Total customers had grown to 2.8m.

History

Vaughn Richtor was the founding chief executive officer of ING DIRECT Australia in 1999, having joined ING Group in 1992. Richtor left Australia in 2005 to head ING Group's Indian operations, ING Vysya Bank before overseeing commercial and retail management in Asia from 2009.{{cite web |url=http://www.theceomagazine.com.au/profile/vaughn-richtor |title=Vaughn Richtor, ING Direct CEO |date=7 August 2013 |website=The CEO Magazine |access-date=11 May 2015}}{{cite web |url=https://newsroom.ingdirect.com.au/channels/News/releases/ceo-change-at-ing-direct-australia |title=CEO change at ING DIRECT Australia |author= |date=4 June 2012 |website=ING DIRECT Newsroom |publisher=ING Bank (Australia) Limited |access-date=11 May 2015 |archive-url=https://web.archive.org/web/20150403024113/https://newsroom.ingdirect.com.au/channels/News/releases/ceo-change-at-ing-direct-australia |archive-date=3 April 2015 |url-status=dead }} Erik Drok served as CEO from 2005 to 2009, followed by Don Koch until 2012.{{cite web |url=https://www.ingdirect.com.au/assets/pdf/CEO_change_110509.pdf |title=ING DIRECT Media Release: Changing of the Guard at ING DIRECT |date=11 May 2009 |website=ING DIRECT |publisher=ING Bank (Australia) Limited |access-date=11 May 2015}} Vaughn Richtor returned as CEO 2012 while remaining to oversee management in Asia for ING Group.

In September 2009, the bank sold OnePath, its AU$1.86 billion insurance and wealth management stake it had shared with the ANZ Bank in a joint venture since 2002 (51% ING Group ownership; 49% ANZ ownership{{cite web |url=http://www.banks.com.au/directory/ing/ |title=ING |website=Banks.com.au |publisher=Fairfax Media |access-date=11 May 2015}}), making ANZ the sole owner.{{cite web |url=http://www.anz.com.au/resources/f/0/f0fb9d004fb390b9ac67ff2c5b851de3/MediaRelease-20090925.pdf?MOD=AJPERES |title=ANZ Media Release: ANZ to acquire full ownership of ING wealth management, life insurance and advice businesses in Australia and New Zealand |author= |date=25 September 2009 |website=ANZ |publisher=Australia New Zealand Banking Group |access-date=11 May 2015}}{{cite web |url=http://www.abc.net.au/news/2009-09-25/anz-swallows-local-ing-business/1442498 |title=ANZ swallows local ING business |last1=Ryan |first1=Peter |date=25 September 2009 |website=ABC News|publisher=Australian Broadcasting Corporation |access-date=11 May 2015}} The divestment of ING Insurance Australia followed similar measures globally as part of ING Group's structural changes as a result of the 2008 financial crisis.{{cite web |url=https://www.nytimes.com/2009/10/27/business/global/27iht-ing.html?_r=0 |title=ING to Split in Two Amid $11.3 Billion Rights Issue |last1=Jolly |first1=David |last2=Dash |first2=David |date=26 October 2009 |website=New York Times|access-date=11 May 2015}} In 2010, ING Insurance was subsequently rebranded as OnePath.{{cite web |url=http://www.xlife.com.au/anz-announces-onepath-brand-to-replace-ing-insurance/ |title=ANZ announces OnePath brand to replace ING Insurance |last1=Cain |first1=Russell |date=5 August 2010 |website=xLife |publisher=Life Insurance Direct Australia Pty Ltd |access-date=11 May 2015}}

Announced in March 2012, the bank completed an upgrade of IT infrastructure in 2014.{{cite web |url=http://delimiter.com.au/2012/11/08/vmware-out-hyper-v-in-at-ing-direct/ |title=VMware out, Hyper-V in at ING Direct |last1=LeMay |first1=Renai |date=8 November 2012 |website=Delimiter |publisher=LeMay & Galt Media |access-date=11 May 2015}} The "Zero Touch" project involved moving the bank's entire operations into a private cloud, claimed to be the first for any bank in Australia.{{cite web |url=https://newsroom.ingdirect.com.au/releases/zero-touch-project-puts-ing-direct-in-a-private-cloud |title=Zero Touch project puts ING in a private cloud |last1=Andrews |first1=Simon |date=6 May 2014 |website=ING DIRECT Online Newsroom |publisher=ING Bank (Australia) Limited |access-date=11 May 2015}} Dubbed 'Bank in a box', virtualization of the entire banking platform allows for simultaneous copies of the banking platform to exist on the company's servers. This provides greater flexibility and efficiency for developing new products and services, and the new virtualization technology will also improve redundancy measures and customer experience.{{cite web |url=http://delimiter.com.au/2014/05/07/ing-direct-shifts-entire-bank-platform-onto-private-cloud/ |title=ING Direct shifts entire bank platform onto private cloud |last1=LeMay |first1=Renai |date=7 May 2014 |website=Delimiter |publisher=LeMay & Galt Media |access-date=11 May 2015}}

In September 2012, the bank entered the superannuation market with Living Super, a self-managed superannuation fund (SMSF).{{cite web |url=http://www.wealthprofessional.com.au/news/bank-launches-zero-fee-super-fund-targets-advisers-143417.aspx |title=Bank launches zero fee super fund, targets advisers |last1=Christie |first1=Robin |date=5 September 2012 |website=Wealth Professional |publisher=Key Media Pty Ltd |access-date=11 May 2015}}

Uday Sareen replaced Vaughn Richtor as CEO in June 2016 after Richtor announced his plans to retire from business.{{cite web |url=http://www.smh.com.au/business/banking-and-finance/ing-direct-australia-chief-and-founder-to-retire-20160121-gmaxxj.html|title=ING Direct Australia chief and founder to retire |last1=Drummond |first1=Shaun |date=22 January 2016|website=Sydney Morning Herald|publisher=Fairfax Media|access-date=10 March 2016}}

In August 2017, the bank announced it was changing its brand name from ING DIRECT to simply ING.

In November 2020, Melanie Evans became CEO,{{Cite web|last=Priestley|first=Angela|date=2021-06-20|title=Parents are parents: How ING CEO Melanie Evans banished the 'primary' and 'secondary' carer labels|url=https://womensagenda.com.au/latest/parents-are-parents-how-ing-ceo-melanie-evans-banished-the-primary-and-secondary-carer-labels/|access-date=2021-10-04|website=Women's Agenda}} the first female and Australian to lead the Australian subsidiary of ING.{{Cite web|title=Australian Retail Banker – March 2018 Edition|url=https://issuu.com/adellegrisaffe/docs/rfimedia-arb-mar2018|access-date=2021-10-04|website=Issuu}} Prior to being appointed CEO, Melanie Evans led the Retail Banking unit having joined ING in March 2017.{{Cite web|title=Melanie Evans – Head of Retail Bank at ING Australia|url=https://www.rfigroup.com/rfi-group/news/melanie-evans-head-retail-bank-ing-australia|access-date=2021-10-04|website=RFi Group}}

Headquarters and physical locations

The bank launched as ING Direct in August 1999 and operated out of the offices of its sister company ING Australia at 347 Kent Street, Sydney and then North Sydney.{{Cite web|title=Ing Direct Contact Number Australia {{!}} Contact Information Finder|url=https://www.webcontactus.com/ing-direct-contact-number-australia/|access-date=2021-10-04|website=www.webcontactus.com}}

In March 2001 the bank signed a lease on several floors of the 14-storey office building at 140 Sussex Street, Sydney; subsequent growth led to the bank taking on additional floors over the next five years, culminating in ING leasing the entire building from 2007.

By the end of 2001, ING had a physical (non-branch) customer-facing presence, via its 'Customer Information Centres' (CICs), at 347 Kent Street, Sydney, 140 Queen Street, Melbourne (until August 2007), 100 Edward Street, Brisbane (until November 2010) and at 45 Pirie Street, Adelaide and 158 St Georges Terrace, Perth (both until late 2002). The Sydney CIC was relocated to the bank's headquarters at 140 Sussex Street in 2007.

In July 2002 a second office was opened in Tuggerah, approximately 100 km north of Sydney on the Central Coast of New South Wales; the building was shared with ING Australia. This office serves primarily as a Contact Centre, while also providing some limited administrative functions.

In February 2017 ING's headquarters, along with 1,000+ staff members, were relocated to 60 Margaret Street Sydney, where the bank signed a lease over seven floors of the 36-storey tower.

Retail banking

ING offers a variety of banking accounts and financial services to Australian residents.{{Cite web|last=Banney|first=Alison|title=ING savings & bank accounts: ING interest rates {{!}} Finder|url=https://www.finder.com.au/bank-accounts/ing-savings-accounts|access-date=2021-10-04|website=finder.com.au}} Operating as a direct bank, ING has no ATM network or branches of its own, with the exception of the customer service lounge at the ING headquarters in Sydney. Services and support are provided over the phone or through online banking. No-fee access to any Australian ATM is provided through a loyalty program.{{cite web |url=http://mozo.com.au/bank-accounts/information/ing-direct/Orange-Everyday/4112 |title=MOZO: ING DIRECT Orange Everyday |author= |website=MOZO |publisher= Mozo Pty Ltd |access-date=12 May 2015}}

=Products=

Business savings and commercial mortgage accounts;
Retail and Self-Managed Superannuation Funds (SMSFs) with life insurance;
Savings and time deposit accounts;
Transaction accounts;
Variable and fixed-rate mortgage loans;
General insurance; home and contents, car, travel and pet insurance;
Personal loans;
Credits cards;
Wholesale Banking.

=Government guarantee =

The Australian government's Financial Claims Scheme guarantees deposits up to AU$250,000 per depositor per authorised deposit-taking institution (ADI).{{Cite web|title=[PDF] Bank Levies in Australia: Lessons from Europe|url=https://silo.tips/download/bank-levies-in-australia-lessons-from-europe|access-date=2021-10-04|website=silo.tips}} Deposits with ING are covered by the guarantee. ING operates in Australia as a foreign subsidiary with an Australian banking licence.

In 2008, AU$1.5 billion of deposits flowed out from ING, amid consumer uncertainty as to whether the Australian government's deposit guarantee scheme set up during the Global Financial crisis applied to foreign-owned banks.{{cite web |url=http://www.news.com.au/national/ing-shed-15bn-as-savers-panicked/story-e6frfkp9-1225699612414 |title=ING Direct lost AU$1.5bn in deposits during financial crisis |author= |date=3 April 2009 |website=news.com.au|publisher=News Limited |access-date=12 May 2015}} Despite the outflow, deposits soon stabilized with ING achieving a net income of AU$182 million for 2008, up from 2007.{{cite web |url=https://www.ing.com.au/assets/pdf/2008_Annual_Report_ING_DIRECT_Australia_2.pdf |title=ING DIRECT 2008 Financial Report |author= |date=31 December 2008 |website=ING DIRECT |publisher=ING Bank (Australia) Limited |access-date=12 May 2015}}

=Orange Everyday=

ATMs are free to use throughout Australia and overseas where they pay no ING international transaction fees, as long as they deposit $1,000 or more each month and from March 2018 and make 5 or more card purchases.[https://www.ing.com.au/everyday-banking.html Everyday Bank Account], ING Direct Australia. Retrieved 10 February 2018.