ING Poised to Expand Microfinance Investment Activity Beyond India

ING Group is a Dutch company providing worldwide financial services including banking, insurance and asset management to clients in more than fifty countries. At the end of 2005, total assets were EUR 1,159 billion. As of April, 2006 ING was ranked as the 13th largest financial institution in the world based upon market value.

ING Vysya Bank Ltd, which became an ING subsidiary in 2002 when ING took over management of Vysya Bank Ltd, is the first International Indian Bank. Vysya reported assets of EUR 866 billion and net operating profit of EUR 5.97 billion at the end of 2005.

On the retail side, ING Vysya Bank provides group loans to villages in India. At the end of 2005, $3.4 million had been dispersed through loans and $2.6 million had been collected as micro deposits. On the wholesale side, ING Vysya had provided $11.5 million in loans to microfinance institutions (MFIs) as of November, 2005.
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