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Dutch ING to enter into banking business in Japan

5, 29. 2007

NG Direct N.V., the direct banking division of the Netherlands' ING Group N.V., which operates life insurance business in Japan, has applied to obtain the license from the Financial Services Agency to conduct banking business in Japan, ING Group announced on May 16, 2007. ING Direct hopes to enter into the banking business in Japan during the second half of 2007. If realized, it would be the first time for a foreign-invested bank to conduct banking business alone over the internet in Japan.
    ING Direct started operating 10 years ago. It started business in Canada in 1997 and is now operating in nine countries altogether, including Spain, Australia, France, the United States, Italy, Germany, the U.K., and Austria. Its deposit assets amount to 197,000 million euros (about 32 trillion yen), housing loans, 75,000 million euros (about 12 trillion yen), and investment trust (deposit balance), 16,000 million euros (about 2.6 trillion yen).

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