ING to Expand Operations in Romania, Poland and India

The Dutch banking group is about to start expanding its banks network in Poland, Romania and India, also following new development opportunities on the local market, the Dow Jones news agency informs. In Romania, ING aims at owning 250 units before 2009.

Unlike its main Dutch competitors, ING preferred during the past few years to focus on just a few countries, all chosen for the development potential. “We could have had a far more important role on many banking markets, but it was not our goal”, says Eli Leenaars, from the ING retail and private banking division.

“Still, the banks that were available for acquisition were not in our target”.
Instead of paying large amounts for new banks, ING chose to expand its banking franchises and to export know-how to countries where is was already active. Leenaars added that the ING retail division was traditionally interested in markets where its kind of services were missing.

HotNews.ro, Sep 20, 2006