The ING group strategy has been developed because of European Insurance and retail banking. It is clear that during the year, 1999, ING operates in more than 50 countries and had an estimate of 50,000 employees globally. Over the past couple of years, ING has developed a global insurance business that manages holdings in more than 40 insurance operations. Recently, there has been the creation of global banking in the businesses. ING Baring was created in the year 1997, by three organizations that had managed to produce different products, and they operated differently (Conklin and Yury 3). These organizations included; Barings security, ING Capital Baring Security and ING Bank Securities.
Impacts of European integration and the single currency on financial institutions and the implications of the changes in INGs corporate strategy
It has been noted that an estimate of 75% of ING’s profit developed from its insurance activities while 25% was derived from its banking activities. Global financial integration developed threats and challenges as it approached the twenty-first century, although ING encountered difficulties. The development of the single currency in Europe was a way of developing challenges for all European countries. The role of the banks within the financial system was developed in a distinct manner, in Europe compared with the United States (Stearns, 66).
Based on the research of many individuals, it was noted that European unification usually compelled the banks in Europe to shift their attention to the United States. This meant that there were noticeable changes in the ING’s European strategies. European integration developed new opportunities for ING, and they indulged in mergers and acquisitions. This meant that there was a shift from the traditional banking system to other forms of financial services such as investment banking. ING was in the newspapers globally when it overtook Barings in the year, 1995. Barings had…