ING Bank

In the international expansion of ING Bank, Romania was considered to be one of the emerging markets with great potential, being the second largest country in Central Europe. Entering on this market was planned and concluded long before other major foreign investors were prepared to step in.The history in Romania began in October 1994, when ING started its banking operations, being the first foreign bank to open a full service branch office after 1989.Since then, the branch in Bucuresti has exceeded all expectations in terms of client acquisition, introduction of services and growth of business. The initial staff of 14 has increased to more than 270 professionals, forex . The client base numbers presently close to 8,000 corporate accounts, including 90% of the multinationals operating on the market as well as important joint ventures and the majority of the large domestic companies with cross-border activities. Operationally, the number of client payments has grown from 190 per month to almost 130,000 in the second part of 1999. ING Bank Romania focuses on providing reliable, efficient and flexible services in an imperfect, often difficult market, to its targeted client base.The first expansion of the headquarters of ING Bank Romania occurred one year after the commencement of operations. Because the number of clients had increased continuously, the bank expanded its investments to support this rapid growth. As a result of further developments, forex , ING Bank Romania moved in 1997 into a totally renovated building, a modern office, built on firm foundations which has withstood the test of time.Success in the Romanian market, achieving the recognition of both friends and competitors, is due to the continuous adjustment to local market needs, to the introduction of new services to meet clients expectations and by never accepting concessions to quality.Always pioneeringING Bank was the first bank to introduce electronic banking services in Romania. One year later, electronic banking was awarded by the specialised magazine 'Piata Financiara' as the Best Banking Product in Romania. Over 700 companies are using these services which provide permanent information access, detailed daily statements, posted transactions, value-dated balance, current balance and down-loading of data to other systems.ING Bank was also the first bank to be licensed as a custodian bank by the National Securities Commission. A survey done by Global Financial Institutions concluded that ING Bank Bucuresti is the largest custodian in Romania. Recently, forex , ING was nominated by the National Company for Clearing, Settlement and Depository for Security as the first custodian bank in Romania with a market share of 40 %.Local involvementING Bank participates with its international experience and expertise in the development of the emerging markets they work in, by setting professional standards and a strong commitment. The commitment to the Romanian market is confirmed by ING 's involvement in: two syndicated loan for National Bank of Romania, Eurobond issues by the NBR and Ministry of Finance, the first syndicated loan for RENEL, bridge loans for SNP Petrom and Romtelecom, a syndicated loan and the largest cross-border private placement in Romania in 1999 for MobilRom, an export finance loan for Romtelecom, several club deals for NBR as biggest leader, merger and privatisation of ALRO/ Alprom, which closed in the 4th quarter of 1999.