ING To Open Retail Bank In Ukraine

AMSTERDAM, Holland -- ING Groep NV said it plans to open a retail bank in Ukraine next year as the Dutch bancassurer continues its expansion in Eastern Europe.

ING Bank Romania

ING chief executive officer Michel Tilmant said on a conference call that the bank would be comparable to the retail bank ING launched in Romania two years ago.

Tilmant did not reveal how many branches will be opened in Ukraine but said the Romanian model involves 'opening branches manned by agents'.

He said the Ukrainian bank will initially start with offering savings and mortgages products.

Tilmant added that ING invested 50 million euro in setting up the Romanian retail operations, stressing that it is 'a very powerful model to build a good business at a low cost'.

ING already has a wholesale bank in Ukraine.

Source: Forbes