ING Direct Australia

ING Bank (Australia) Limited

Type	Subsidiary (of ING Group)
Industry	Banking, financial services
Founded	1999
Headquarters	60 Margaret Street, Sydney, Australia
Area served	Australia
Key people	Uday Sareen, CEO
Products	Finance and insurance Consumer banking Corporate banking Superannuation Mortgages
Revenue	A$693 million (2016)
Profit	A$295 million (2016)
Total assets	A$53.4 billion (2016)
Total equity	A$3.7 billion (2016)
Number of employees	1,130 (December 2016)
Divisions	Mortgages, Savings, Personal loans
Website	www.ingdirect.com.au

ING Bank (Australia) Limited (traded as ING Direct) is an Australian direct bank and a wholly owned subsidiary of the multinational Dutch bank, ING Group.

ING Bank (Australia) operates as a series of controlled entities: trusts and the primary bank division, ING Direct, which operates under the segments of Mortgages, Savings and Commercial Loans. Founded in 1999 as a subsidiary of ING Group, ING Direct was Australia's first direct bank and has since grown to become the largest mortgage lender outside of Australia's big four banks. ING Direct scores favourably with customer satisfaction and has the highest net promoter score of any financial institution in Australia.

As of December 2016, the bank had 1.7 million customers and over 500,000 transaction accounts. In December 2015, ING Direct had a mortgage portfolio valued at AU$38.6 billion and AU$1.6 billion super funds under management, with 34,000 active superannuation accounts in 2014.

Vaughn Richtor was the founding CEO of ING Direct Australia in 1999 after first joining ING Group in 1992. Richtor left Australia in 2005 to head ING Group's Indian operations, India Vysya before overseeing commercial and retail management in Asia from 2009. Erik Drok served as ING Direct Australia CEO from 2005 to 2009, followed by Don Koch until 2012. Vaughn Richtor returned as CEO 2012 whilst remaining to oversee management in Asia for ING Group.

In September 2009 ING Bank Australia sold its AU$1.86 billion insurance and wealth management stake it had shared with ANZ in a joint venture since 2002 (51% ING Group ownership; 49% ANZ ownership), making ANZ the sole owner. The divestment of ING Insurance Australia followed similar measures globally as part of ING Group's structural changes as a result of the 2008 financial crisis. In 2010, ING Insurance was subsequently rebranded as OnePath.