ING Group, the Amsterdam-based banking and insurance group, has drawn up plans to scale up the operations of its insurance joint venture in India, ING Vysya Life Insurance, over the next one year.
ING's insurance venture will increase the headcount at the insurance company by 66 per cent to 5,000 by end of December 2007.
The group has firmed up expansion plans for ING Vysya Bank, 44 per cent of which it owns, but the growth strategy is dependent on the regulatory clearances for opening new branches.
ING Vysya Life would be opening new offices at 86 locations to add to its current network of 110 branches. ING Vysya Bank has 490 branches.
"India is a serious business for us and it's time to focus here. Asia has the fastest growing middle class and we want
to create a strong position for ING in this market. India contributed a small portion to our (group's) first two quarter revenues. we want to increase the share," ING Group chairman and CEO, Michael Tilmant told reporters in Mumbai on Thursday.
As a part of its new business strategy, ING has introduced a new information technology platform at all branches of
ING Vysya Bank, which will totally automated branch operations across the network.
Tilmant said, "At present, there is no need to infuse more capital into ING's businesses in India. But we are clear that, whenever required, more capital will be infused."
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