ING hot on pension, retail banking and life insurance

Dutch financial institution, ING group, has identified post-retirement financial planning, retail banking and life insurance as its three key growth areas in India.

ING group chairman, Michel Tilmant, said the changing demographics provides a tremendous opportunity for financial solutions providers to tap the growing middle-class and also capitalise on emerging affluence, which gives rise for focused financial planning.

During his meeting with the top brass of Indian banking arm, ING Vysya Bank, Tilmant asked the the local management to submit a growth strategy plan in three months.

The management of ING Vysya Bank has been asked to be "ambitious in its ambitious" and draw up a growth strategy that corresponds to ING's "ambition in this country", Tilmant said.

"We have been too modest in India. One of the purpose of my visit is to revitalise the team here," the ING Group chief said, while declining to spell out any future growth targets.

ING group is also betting big on the internet as a banking channel. Towards this, ING Vysya recently rolled out 12 automated branches in Bangalore, in a bid to expand its direct banking operations.

The ING group, through its banking, life insurance and asset management businesses, employs over 7,200 people in India and operated under the ING Vysya brand.

The group has launched its life insurance platform in 70 cities in India and hired over 11,000 agents in 2005. In addition to this, ING is also focussed on the fast-growing small and medium enterprises (SMEs) in India.

Tilmant emphasised on the alternative channels of investment sought by most global investors, mainly private equity, real estate and the bond markets. The group currently has 670 million euros of assets under management.