ING to double life branches in India

Fri, 06 Oct 2006

ING Group, the Amsterdam based banking and insurance group, has drawn up plans to scale up the operations of its insurance joint venture in India, ING Vysya Life Insurance, over the next one year. ING’s insurance venture will increase the headcount at the insurance company by 66 per cent to 5,000 by end of December 2007.

The group has firmed up expansion plans for ING Vysya Bank, 44 per cent of which it owns, but the growth strategy is dependent on the regulatory clearances for opening new branches.

ING Vysya Life will be opening offices at 86 locations to add to its current network of 110 branches.

"India contributed a small portion to our (group's) first two quarter revenues. We want to increase the share," Michael Tilmant, chairman &CEO of ING Group, said.

"Presently, there is no need to infuse more capital in ING's businesses in India. But we are clear that, whenever required, more capital will be infused," Tilmant added.
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