ING
ING Group is a global financial institution of Dutch origin with more than 110,000 employees. ING offers banking, insurance and asset management to more than 60 million clients in over 50 countries.
ING is a global financial services provider and wants to contribute to the socio-economic development of the communities where it does business. ING strives to be a good corporate citizen by playing an active role in these communities and engaging in global issues through corporate sponsorship, donations and staff volunteer work.
One initiative to this end was the establishment of the ING Microfinance Support Network to mobilize knowledge, commitment and finance for microfinance institutions in developing countries. Through partnerships with respected international partners in microfinance such as Oikocredit, United Nations Capital Development Fund, Opportunity International and Women’s World Banking, ING offers microfinance institutions the opportunity to engage ING employees in the Netherlands as advisors on microfinance projects all over the world. They contribute their individual expertise to assist these microfinance institutions with improving their operations and/or expanding their services.
ING Vysya Bank in India offers microfinance either directly to individuals or to members of Self Help Groups (SHGs). These members of SHGs can apply for credit facilities and keep their savings deposits with ING. ING Vysya Bank also extends credit and savings facilities indirectly through various institutions active in microfinance. In 2005, ING Vysya offered microloans of less than 10.000 euro to nearly 43.000 clients via SHGs and to approximately 78.000 customers on an individual basis. Indirectly, via other microfinance institutions, another 83.000 customers were reached.
Some of the microfinance funds are provided by Postbank Green. Postbank Green aims to provide a total of EUR 15 million to MFIs in 2006 to reach some 150.000 small entrepreneurs.
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Last update: 16 August 2006