ECONOMY
ING Bank NV loans $3m to Azerbaijan International Insurance Company
Baku, July 2 (AZERTAC). ING Bank NV has granted a $3 million loan to Azerbaijan International Insurance Company.
First of its kind on the Azerbaijani insurance market, the loan is set for 370 days by ING Bank NV headquartered in Amsterdam, with the possibility of being extended.
Azerbaijan International Insurance Company will spend the funds to solve corporate issues, extend customer portfolio, diversify revenue sources and improve the quality of insurance services.
ING Bank NV offers retail banking services in the Netherlands, Belgium, Luxembourg, Poland, Romania, Turkey, India, Thailand and China.
In the Netherlands, ING Bank NV is the largest retail bank by market share, holding 40% of current account deposits. ING is followed by Rabobank (30%), ABN AMRO (20%), and others (10%).
Outside of the Benelux, ING's current focus is on Central & Eastern Europe, as well as certain high-growth regions in Asia. In India, ING has a 44% stake in ING Vysya Bank and is the Indian bank's largest shareholder. In China, it has a 17% stake in the Bank of Beijing, the largest urban commercial bank in China. In Thailand, it has a 30% stake in TMB Bank, a universal banking platform with a nationwide network.