ING to raise headcount in India by December'07

New Delhi, Oct 6 (UNI) Amsterdam-based ING Group engaged in the banking and insurance will raise its headcount in India which stands at over 7,000 professionals in both its businesses over the next one year, a company official said today.

''India is a fast growing market for us. We plan to ramp up our employee base in the insurance operations in the country by the end of 2007. It presently is at 3,000. We will also raise our headcount in the banking business,'' ING Group Asia Pacific Chairman Hans van der Noordaa told reporters here.

The group has firmed up expansion plans for ING Vysya Bank, in which it owns 44 per cent, depending on regulatory clearances for opening new branches, he added.

Meanwhile, ING Vysya Life Insurance is planning to add 178 branches in 110 new locations by December next year to increase its network to 320 branches in the country, sources said.

The group plans to hire 2,000 employees and about 18,000 agents for its life insurance business by the end of 2007 to support its expansion, the sources add.

Company's headcount for its banking operations stands at about 5,500 people while it employs about 200 professionals for its asset management business in the country. ING Vysya Bank has 490 branches at present.

On a poser to the company's plans for raising capital, he said ''At present, there is no need to infuse more capital into ING's businesses in India. But India is on high priority and we are clear that, whenever required, more capital will be infused.'' The life insurance company has increased its capital base to Rs 540 crore as of last month, with a fresh tranche of capital infusion of Rs 50 crore.

UNI PV PKS RN1848