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Article: Is the ING Direct Model Missing a Piece?

Article from:
American Banker
Article date:
September 19, 2005
Author:
Copyright

For sheer deposit growth over the last three years, few U.S. banks can match the dollars collected here by the ING Direct operation, and fewer still can claim to be its peer in percentage growth.

What is still unclear is when, or whether, all those deposits will translate into meaningful profitability.

ING Direct is the brand name ING Group of the Netherlands uses around the world for its online banking operations. The U.S. subsidiary that does business under that name, ING Bank FSB of Wilmington, Del., reported second-quarter net income of $60.3 million.

Though that was 34% more than a year earlier, it was not much for a thrift ING Bank's size. ...

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