Customers of ING Direct withdrew in May 1200 million, after the scandal of Afinsa

You could see it coming, but now we have the data: 1.200 million. That explains the opening of offices "natural" for ING, to further attract investment clients, because to ask for a mortgage, it seems that we do not care whether the bank's solvency.

The odd thing is that while ING lost customers, another bank Online (Openbank, backed by the BSCH) has increased the stakes of its funds in 100 million.

Step by pasting the news:

Judicial intervention of Afinsa and Forum Philatelic last bill passed on May 9 to ING Direct, which experienced the worst month in its history. Customers of the bank withdrew from the institution in that month 1,200 million euros, almost 10% of the total portfolio, according to reports published yesterday by the Spanish Banking Association (AEB). Customer deposits rose from April to May of 13,819 million euros to 12,613 million as a result of the panic created among citizens in all those investments whose remuneration was above the market average. A large number of savers became wary of the interest paid on-line banking for deposits and opted to divert their savings into traditional systems. This is joined to some rumors that surfaced in the financial market about the viability of the financial institution in Spain, which resulted, according to Efe, in the loss of half the money raised in the previous twelve months.

Change of strategy. ING has always insisted that their activity has nothing to do with the philatelic societies and has recalled its operational is subject to the supervision of the Bank of Spain and the rules governing the performance of financial institutions. The deposits are safeguarded in this case by the Deposit Guarantee Fund of the Netherlands, where he is originally from the parent bank. In the last few dates, ING has launched a strong advertising campaign which highlights the size of the group in the world. ING is the fourth largest banking group in Europe for profit and the sixth by market capitalization. It operates in 40 countries and has over 60 million customers. The scandal of the stamps has forced ING to change its strategy with the opening of large branches in major Spanish cities in order to advise savers.

Written by Carlos Lopez on July 27, 2006 with 8 comments
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