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June 6, 2008

ING begins retail banking in the Ukraine

by Richard Kilner

Story link: ING begins retail banking in the Ukraine

ING has begun embarking upon its retail banking operations in Ukraine.

Its first outlet in the country was opened in the capital city, Kiev, and the strategic move comes as the firm seeks to take its opportunities in markets with significant growth potential.

Eli Leenaars, charged with responsibility for retail banking and a member of ING’s executive board, said at the launch that ING had been watching the Ukraine market for some time, describing the country as one of the fastest growing in terms of banking.

ING’s decision to begin retail banking operations in the country is a vote of confidence in its capacity for future growth, Leenaars continued, comparing the situation with the success enjoyed by ING in Romania.

The firm is to offer the Ukraine convenience, transparency, good service and an integrated approach to banking which includes internet access and highly automated offices, according to ING Bank Ukraine’s general manager of retail banking, Jef Van In.

ING has plans to hire over 500 staff and is seeking to break into the top five of retail banks in the Ukraine.

Starting in the largest Ukrainian cities, such as Kharkiv and Dnipropetrovsk, the firm aims to develop a rapidly expanding network of outlets numbering 250 in the coming years.


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