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ING Group Gets Bailed Out by the Netherlands
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POSTED
ON BY Ken Tumin
ING Direct's parent, the Netherlands based company ING Group, is the latest major European bank to get bailed out by the state. On Sunday ING Group accepted a capital injection plan offered by the Dutch Government. Under the plan, the Netherlands will spend 10 billion euros for stake in the ING Group (see New York Times article).
I haven't been able to find out any news about how this might affect ING Direct. In addition to the US operation, ING Direct has operations in many nations including Canada, Australia, France Germany and the United Kingdom. The UK ING Direct made European headlines earlier this month when it took over responsibility for deposits of 160,000 UK customers with the failed Icelandic bank Kaupthing Edge.
ING Direct in the US has been a member of FDIC since 2000.
I haven't been able to find out any news about how this might affect ING Direct. In addition to the US operation, ING Direct has operations in many nations including Canada, Australia, France Germany and the United Kingdom. The UK ING Direct made European headlines earlier this month when it took over responsibility for deposits of 160,000 UK customers with the failed Icelandic bank Kaupthing Edge.
ING Direct in the US has been a member of FDIC since 2000.