ING contributes actively to the financing of the local economy!

In 2014, ING Luxembourg continued to develop its commercial activities in the Grand-Duchy, recording a net profit of EUR 106.5 million for the whole year. The bank saw its credit volumes rise considerably (+42%), confirming its willingness to contribute more and more to financing the Luxembourg economy. Deposits also recorded a nice progression, up by 15%.

This year again, all the business lines contributed to the performance.

Despite a year impacted again by the implementation of European and international tax rules, the Private Banking segment succeeded in increasing somewhat its volumes of deposits (+1%).  Credit activities developed considerably (+8%) during the year and continue to adapt to the specific needs of private clients.
In 2014, ING Luxembourg was awarded for its expertise for the second year in a row. It received the recognition of « Best Private Bank Luxembourg » by PWM (Personal Wealth Management) – The Banker.

The Retail Banking segment continues to deliver an increasing contribution to the Bank’s overall result. For Retail clients as a whole, significant progressions in volumes have been recorded : rise in credits with 12% and in deposits with 19%.  
As far as mortgage loans are concerned, the launch of the 3 new solutions of reviewable fixed rate (5, 10 and 15 years) was a great success.
2014 was also marked by the launch of a new mobile application mobile available on all devices (iOS, Android, Windows Phone and Blackberry).
In our branch network, the move of our Esch branch to new premises located in the main shopping street show ING ‘s willingness to invest in its network in order to be closer to its clients.
Finally, our alerting system by email, launched in September was awarded « Best Financial Solution of the Year 2014 »  by CFO World during the Luxembourg Finance Management Summit 2014.

The Commercial Banking segment recorded an excellent year 2014 in continuing its development in 2014 with an increase of income mainly linked to the growth of the activities of services to local and international companies.
In 2014 the segment recorded a spectacular rise (+78%) in the credit volumes and in deposits (+16%). The rise in the number of new clients (+11%) and in bank transactions allowed ING to beat the ambitious objectives of this exercise despite an uncertain economic context, with very low interest rates and a complex regulatory environment.
Several initiatives were taken in 2014 in order to improve the service to companies. The automatic transmission of bank information through electronic channels illustrates very well ING’s willingness to facilitate companies’ development and to be innovative.
The award « Best Commercial Bank Luxembourg 2014 » shows the market’s clear recognition of our strategic choices and of our teams’ capacity to serve our clients.

Commenting the 2014 results of ING Luxembourg, Luc Verbeken CEO of ING in the Grand-Duchy,  declared :

Despite a particularly difficult context for the banking sector, we can be once more very proud of the development of our activities. In 2014, ING Luxembourg recruited more than 50 new employees.

“We can really be satisfied with our 2014 performance, given the hyper competitive environment in which we presently evolve and given the low level of interest rates.

Profiting from the know-how of an international group, this favourable situation allows us to continue stimulating our local activity, as the significant rise in credits to private individuals and local companies that ING Luxembourg recorded in 2014 shows us.

In 2015 and in the coming years, ING will continue to do its best to empower people to stay a step ahead in life and in business.”

ING Bank
For the whole year 2014, ING recorded a solid result while finalizing its transformation process. ING Bank’s underlying net profit  reached 3.424 billion euro, 8.5% higher than in 2013.
This financial solidity allows ING to pay again a dividend of 0.12 EUR per share, an important milestone in the transformation process.

ING is now in the final phase of its transformation, with a certain number of important milestones in 2014:

• ING pursued its divestment of its investment management and insurance activities: NN Group was listed but ING keeps 68% and reduced its stake in Voya to 19%.
• In November 2014, ING concluded the state aid programmes, with the Dutch State fully repaid  in November

Finally, ING launched in March 2014 its new Think Forward strategy, with the purpose to empower people to stay a step ahead in life and in business..