Targets 100 m in annual profits; to invest in products and branches
Mumbai, March 16
ING Group in India would be preparing a long-term business plan that could fetch the Dutch financial service group 100 million euros in annual profits.
Mr Michel Tilmant, Chairman of ING Group, today said that he had asked the Indian team to come out with a business strategy for the country.
However, he said, "the 100 million is not a magical figure for me." What is important for ING is long-term business development. "We want to revitalise the Indian operations."
When asked about plans for fresh capital infusion, he said, "ING has long-term commitments in India and capital is not the only issue." Management and talent are equally important.
Mr Tilmant, who is on a visit to India, said he did not want to put any specific figure on capital investments or income, or profit at the moment. It is for the Indian team to first work out the plans. "I have asked the Indian team to come out with its proposal in the next few months" he said.
Currently, profits from Indian operations, which consist of banking, asset management and insurance, account for a very small percentage of the group's total earnings.
He said the group would review the product offerings in the Indian market. "Along with products, we will invest in branch network to ensure efficient delivery".
When asked about outsourcing of jobs to India, he said "being efficient means sometimes we have to cut cost.
However, as employers, we have social responsibility. But we do not rule out outsourcing specific projects, even to India, but it is not an operating rule".
He said the group was keen on exploring the opportunities in the fast growing Asian markets, including India.
ING operates in 60 countries and employs 110,000 employees.