ING is growing rapidly in Australia after expanding its digital-only products and a misconduct inquiry that has tarnished the reputation of rivals. ING is now the fifth-ranked bank in terms of mortgages and customer savings. They reported a net profit after tax of A$401m in 2018, which was a 15% rise from the previous year.
Uday Sareen, ING Australia’s chief executive, tells the Financial Times that over the past 4 years, the bank acquired more than 800,000. This makes their operation one of fastest-growing divisions within the network, which spans to over 30 countries.
“The big drivers of our growth — innovation, advocacy and trust — are more relevant than ever before. I think we are getting good traction from that perspective,” says Mr. Sareen.