ING Group formulates USD 100 million growth plan for India

Mumbai, Mar 16 (UNI) The ING Group has drawn up an ambitious plan for growing its business in India and has earmarked up to USD 100 million for the purpose over the next few years.

Interacting with the media here today, ING Group's CEO Michel Tilmant said that he has asked his Indian management team to prepare a business plan within the next three months with specific reference to banking, insurance and asset management businesses.

Mr Tilmant said that there was a huge potential for growth in emerging markets like India and ''we intend to move our capital to support our business growth in the three focused areas mentioned above.'' ING owns 44 per cent stake in its Indian operation, ING Vysya Bank, which is active in retail and wholesale banking, insurance and asset management businesses.

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