Magazine article American Banker

ING Group Starts Unit to Sell Products through Banks

Magazine article American Banker

ING Group Starts Unit to Sell Products through Banks

Article excerpt

Division Targeting U.S. Banks That Handle Parent's Offerings

By MICHAEL O'D.MOORE The financial services giant ING Group opened a division last month to sell insurance and mutual funds through banks.

ING Bank Marketing is working with the 20 U.S. banks that already sell the parent company's products.

And the $450 billion-asset Dutch company plans to offer a handful of banks the chance to market their proprietary funds through ING Group's 3,000 agent distribution network in the United States.

ING, which also started its own mutual fund family last month with $350 million in seed capital, has a raft of U.S. subsidiaries including Golden American, Equitable of Iowa, Security Life, and Southland Life.

"We are combining a lot of the strengths of the companies and distribution systems in order to bring a lot of value to banks," said Michael R. McCoy, executive vice president in change of the Des Moines- based unit. "We want to be a top 10 player in distributing our products to financial institutions within three years."

The new unit has 27 employees and will begin by marketing mutual funds, annuities, and life insurance products, Mr. McCoy said. And ING is looking to buy additional companies like third-party marketing firms and bank- tailored product manufacturers to bolster the new unit, Mr. McCoy said.

Several banks-including one superregional that he declined to identify- have committed to working with the new division, Mr. …

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