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ING Group case study

First bought

Since Fund inception, January 2019.

What is it?

A leading European financial institution with dominant market positions in the Netherlands and Belgium and a growing standing in Germany.

Why do we own it?

The ING group saw a CEO and leadership transition in 2020. This has led to a focus on digitalisation and cost cutting. The durability and competitive advantage around ING’s banking business have been greatly strengthened, due to a strong balance sheet, disciplined allocation of capital and regulatory scrutiny. Their return on capital that has been improving over the last few years and we expect there will be longer-term margin improvements as digitalisation continues.


As one of the most advanced digital banks, ING has made data protection a top priority, with additional resources to focus on data ethics, security, regulations, and training. ING also measures customer satisfaction levels in each of its markets. These measures are integral to executive compensation and the company’s goal is to be number one for customer satisfaction in each of its retail banking markets. ING also leads on climate work with strategic milestone targets for sector carbon mapping. It enhances client engagement and differentiates ING’s ability to finance the carbon transition. It is also a great source of motivation for employees.

Key points for ING

  • Dutch banking system is an oligopoly with the three main banks holding more than 90% of Dutch current accounts1.
  • An attractive funding structure dominated by cheap, sticky retail deposits.
  • Ahead of the curve in direct banking using digital channels, ING DiBa in Germany is one of the most successful digital banks in Europe.