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Best Bank: ING Belgium |
It was a disastrous year for Belgian banks. But amid the dismemberment and bailouts ING Belgium stood out. It earned a substantial pre-tax profit of €1.1 billion, €905 million after tax, which was achieved despite the difficult economic environment. Its deposit base remained stable, while its loan book rose by 9%.
This is one of ING’s home markets and it plays a central role in the bank’s business strategy – ING has established a separate unit for Belgium for wholesale banking which is headed by a Belgian. ING Belgium is pushing to become Belgium’s first universal direct bank. It has used the internet as a new fully fledged sales channel, operating alongside a traditional branch network. The wholesale banking division’s commitment to the Belgian market further manifested itself in a number of successful deals with top Belgian corporations during 2008.