ING Barings' first foray into an emerging market is usually to serve multinational clients with basic banking services. On top of this it builds the whole range of financial products including equity and debt underwriting and M&A advisory. ING was moving into emerging markets before they became fashionable and has retained its leading global presence, now boasting 130 offices in 58 countries, mainly emerging markets.
Over the past year or so ING has been particularly innovative in eastern Europe, taking a majority stake in Katowice-based Polish bank Slaski, becoming the first foreign bank to establish sub-branches outside Bucharest in Romania and successfully arranging the first medium-term notes in Hungary. It has also expanded in Asia, where it opened new offices in Labuan, Malaysia, and in Xiamen, China, and obtained a universal banking licence for the Philippines; and in Latin America where a local subsidiary was opened in Colombia, a branch was opened in Quito, Ecuador, and a subsidiary established in Mexico.
Some milestone deals recently concluded were the arrangement of a three-year commercial paper programme for Coca-Cola in the Czech Republic, sole arranger of the first and largest syndicated EIB-refinanced facility in Hungary, arranger of the biggest zloty bond Z250 million ($81 million) for McDonald's Polska, and the structuring of two bridging loans ($460 million) for subsidiaries of the giant Brazilian conglomerate Votorantim to fund their acquisition of a stake in CVRD.