This good performance confirms that the Bank continues to develop considerably its commercial activities in the Grand Duchy and that it contributes more and more to the Luxembourg economy.

Contribution of each business line to the performance
Despite a year 2013 impacted by the slowdown of the economic situation, by a changing tax environment and by a series of new rules, the Private Banking segment delivered a good performance and closes 2013 on a slight progression of its results (+2%). The knowhow of ING Private Banking Luxembourg was recognized in 2013, not only by its clients but also by finance professionals (The Banker and World Finance) who appointed ING “Best Private Bank 2013” in Luxembourg.

The Retail Banking segment continues to deliver an increasing contribution to the Bank’s overall result. Reorganised in 2012 in order to better serve the client, Retail Banking was marked by an increase in clients’ deposits (+5%) and in credits (+14%). This confirms the choice made by the bank to continue to invest in its staff and their training in order to allow them to better support clients during key events in their livers.

After several years of considerable growth, Commercial Banking – Corporate continued to develop in 2013 with an increase in results (+6.6%), linked mainly to the growth of deposits. The quality of the teams, a reinforced partnership with Luxembourg companies and institutions, the rapidity in providing clients with our services and the international reputation of ING Group allowed the department to realize in 2013 a considerable growth of the number of clients (+16.7%), in a not very favourable context.

For Commercial Banking – Financial Markets, 2013 was a transition year: announced at the end of 2012 and following new regulatory requirements, the split of the department in two divisions (Financial Markets and Bank Treasury) took place in January.

For ING Lease Luxembourg, 2013 was marked by a higher result (+13.7%) and a volume slightly progressing in a difficult market context. In line with ING Group’s guidelines, functioning costs were kept at a level lower than expected. This rigor allows ING Lease to offer its clients attractive prices. Again this year, the branch of ING Luxembourg took part successfully in the EIB support programme intended for SMEs. This contributed to support actively investment in national production capacities.

Commenting the 2013 results of ING Luxembourg, Luc Verbeken, CEO of ING in the Grand-Duchy, declared:
“Once again this year we can be very satisfied by the development of our activities, given the tense economic context and the environment, notably in terms of interest rates, which is not favourable for banks. In 2013, we pursued all year long the development of our local activity, as confirmed by the huge increase of credits granted to private clients and SMEs and by the rise in deposits recorded by ING Luxembourg in 2013. We are proud of our performance which results from the efforts  f all the ING Luxembourg teams. These worked very hard all year long to develop new products and services and this in order to get a still bigger recognition and satisfaction by our clients!”