ING outlines strategy to grow pensions business
NETHERLANDS – Dutch bank ING has outlined its strategy to grow its international pensions business, saying that pensions is an example of how it can combine insurance, banking and asset management.
“Pensions are a prime example of how ING can combine insurance, banking and asset management skills,” the bank said in a presentation.
The presentation was given by Jan Nijssen, the chairman of the bank’s global pensions committee.
ING gave pensions a higher profile earlier this month by putting an executive board member, Fred Hubbell, in charge – the first time pensions has had explicit board level responsibility at the bank.
“ING has defined pensions as a global priority and opportunity,” the bank says.
ING says it sees growth in the pensions market due to a shift in demographics and growing pressure on social security systems.
The Netherlands, it says, is ahead of other European countries in terms of pensions. ING has 3.7 million pensions clients in the country, worth 4.7 billion euros in premiums. In the rest of Europe, it has 4.8 million clients with 3.3 billion.
To grow its pensions business, ING said it would capitalise on its established footholds, as well as work with governments on pension reforms, “build and grow” in so-called greenfield sites to benefit from future reforms. It would also access its corporate banking client base.