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OCTOBER 4, 2006

Renault and ING

While there has been talk of a deal between Renault and Dutch bank ABN Amro, we hear that it is far more likely that Renault will do a big deal with rival bank ING. We hear that the basis of a deal is done and that it could be worth as much as $50m a year for five years. The most likely brand would be ING Direct, the online banking arm of ING.

ING was formed in 1991 when insurance company Nationale-Nederlanden merged with NMB Postbank Groep, to form the Internationale Nederlanden Groep (INB). Since then ING has been busy brand-building. The bank provides financial services for individuals, small businesses, corporations, institutions and even governments.

ING has been very active in expansion in the last 15 years while in terms of sponsorship it has funded a number of marathon events in recent years, including the ING New York Marathon.