ING launches ING Ventures: a EUR 300 million fintech fund
25 Octobre 2017 - 5:42PM
ING announced today it has launched ING Ventures, a EUR 300
million fund aimed at investing in fintech companies. To accelerate
the pace of innovation, one of ING's strategic priorities, ING
Ventures will expand the existing portfolio of investments in the
coming four years.
ING considers partnering with and investing in fintechs as a key
element of its innovation strategy. ING has successfully launched
various own innovations in the market, but scanning the outside
world for solutions that help create a differentiating customer
experience has always been part of the bank's approach. ING
Ventures will build on the success that the current approach has
already brought over the past 3 years, leading to the current 115
fintech strategic partnerships and investments globally.
ING Ventures will be part of ING's Chief Innovation Office and
will be entirely funded internally by ING. While it will adopt
investment methods and portfolio management based on venture
capital structures, the aim will not be to achieve a solely
financial purpose. ING Ventures will serve ING's businesses to
accelerate the Think Forward strategy. The fund will focus on
start-ups and companies that already gained some market traction.
The companies it will invest in are generally, but not exclusively,
fintechs that are active in countries where ING has a presence or
where ING has the intention to expand into.
Benoit Legrand, global head of Fintech, has been appointed CEO
of ING Ventures. He commented: "ING has been very active in
developing strategic partnerships and investing in fintechs that
help to empower our customers to stay a step ahead in life and in
business. This has worked very well: our current partnerships have
resulted in products and services that are making the lives of our
customers easier. As we see changes in the external environment
happen faster and faster, we have to anticipate and step up our
pace as well. Establishing this fund is yet another way for ING to
use the digital revolution as a growth opportunity and help
transform the bank to become the go-to platform for financial needs
and become part of other platforms."
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ING
PROFILE ING is a global financial institution with a strong
European base, offering banking services through its operating
company ING Bank. The purpose of ING Bank is empowering people to
stay a step ahead in life and in business. ING Bank's more than
51,000 employees offer retail and wholesale banking services to
customers in over 40 countries. ING Group shares are listed on the
exchanges of Amsterdam (INGA AS, INGA.AS), Brussels and on the New
York Stock Exchange (ADRs: ING US, ING.N). Sustainability forms an
integral part of ING's strategy, which is evidenced by the number
one position among 395 banks ranked by Sustainalytics. ING Group
shares are being included in the FTSE4Good index and in the Dow
Jones Sustainability Index (Europe and World) where ING is
among the leaders in the Banks industry group.
IMPORTANT LEGAL INFORMATION Elements of this press release
contain or may contain information about ING Groep N.V. and/ or ING
Bank N.V. within the meaning of Article 7(1) to (4) of EU
Regulation No 596/ 2014. Projects may be subject to regulatory
approvals. Certain of the statements contained herein are not
historical facts, including, without limitation, certain statements
made of future expectations and other forward-looking statements
that are based on management's current views and assumptions and
involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from
those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to a number of factors, including, without
limitation: (1) changes in general economic conditions, in
particular economic conditions in ING's core markets,
(2) changes in performance of financial markets, including
developing markets, (3) potential consequences of European
Union countries leaving the European Union or a break-up of the
euro, (4) changes in the availability of, and costs associated
with, sources of liquidity such as interbank funding, as well as
conditions in the credit and capital markets generally, including
changes in borrower and counterparty creditworthiness,
(5) changes affecting interest rate levels, (6) changes
affecting currency exchange rates, (7) changes in investor and
customer behaviour, (8) changes in general competitive
factors, (9) changes in laws and regulations and the
interpretation and application thereof, (10) geopolitical
risks and policies and actions of governmental and regulatory
authorities, (11) changes in standards and interpretations
under International Financial Reporting Standards (IFRS) and
the application thereof, (12) conclusions with regard to
purchase accounting assumptions and methodologies, and other
changes in accounting assumptions and methodologies including
changes in valuation of issued securities and credit market
exposure, (13) changes in ownership that could affect the
future availability to us of net operating loss, net capital and
built-in loss carry forwards, (14) changes in credit ratings,
(15) the outcome of current and future legal and regulatory
proceedings, (16) ING's ability to achieve its strategy,
including projected operational synergies and cost-saving
programmes and (17) the other risks and uncertainties detailed
in the most recent annual report of ING Groep N.V. (including the
Risk Factors contained therein) and ING's more recent
disclosures, including press releases, which are available on
www.ING.com. Many of those factors are beyond ING's control.
Any forward looking statements made by or on behalf of ING speak
only as of the date they are made, and ING assumes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason. This
document does not constitute an offer to sell, or a solicitation of
an offer to purchase, any securities in the United States or any
other jurisdiction. |
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