Enterprise Risk Management at ING Group|Enterprise Risk Management|Case Study|Case Studies

Enterprise Risk Management at ING Group

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Case Details:

Case Code : ERMT-013
Case Length : 14 Pages
Period : 2003
Pub Date : 2003
Teaching Note :Not Available
Organization : ING Group
Industry : Finance, Banking
Countries : The Netherlands

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This case study was compiled from published sources, and is intended to be used as a basis for class discussion. It is not intended to illustrate either effective or ineffective handling of a management situation. Nor is it a primary information source.

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Background Note

ING's roots went back to 1845 when its earliest predecessor, the Netherlands Insurance Co., was founded. In 1903, it added life insurance. In 1963 it merged with the century old Nationale Life Insurance Bank to form Nationale-Nederland (NN). Over the next three decades, the company grew primarily through acquisitions in Europe, North America, and Australia. In 1986, NN became the first European life insurance company to be licensed in Japan. Another predecessor of ING, the Rijkspostspaarbank, was founded in 1881 to provide Dutch citizens with simple post office savings accounts. In 1918 the Postcheque-en Girondienst (giro) system was established to allow people to use vouchers drawn on their savings accounts to pay bills.

Enterprise Risk Management | Case Study in Management, Operations, Strategies, Enterprise Risk Management, Case Studies

This system became the main method of settling accounts (instead of bank checking accounts).

Rijkspostspaarbank and Postcheque merged in 1986 to become Postbank. Postbank merged in 1989 with the Nederlandse Middenstandsbank (founded 1927) to become NMB Postbank. The vast amounts of cash tied up in the post office savings and giro systems fueled NMB's business.

In 1991, as the Europe economic union became a reality, and barriers between banking and insurance began to fall, NN merged with NMB Postbank to form Internationale Nederland Groep (ING). In the US, where insurance and banking were legally divided, the company "debanked" itself in order to keep its more lucrative insurance operations (but retained the right to provide banking services to those operations). In the 1990s, ING sought to expand its investment banking and finance operations. In 1995, it took over UK-based Barings Bank after Nicholas Leeson, a trader in Barings' Singapore office, lost huge sums of money in derivatives trading. The acquisition brought ING into the limelight.

But the costs were more than anticipated and ING left was exposed to lawsuits. In 1996, ING bought Poland's Bank Slaski.

The next year it acquired investment bank Furman Selz, doubled its US life insurance operations by purchasing Equitable of Iowa, and listed on the NYSE.

In 1998, ING bought Belgium's Banque Bruxelles Lambert and Canadian life insurer Guardian Insurance Co. (from Guardian Royal Exchange now part of AXA, UK)...

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