ING: Romania is strategic market

Romania is a “strategic” market for the Dutch financial group ING, a very important market, given that, in just a few months’ time, it will account for 20% of the company’s total number of clients for private pensions in Central and Eastern Europe.
“We have a four-month window of opportunity (between September 17th and January 17th, when all employees below 35 will have to choose a private pensions fund, i.e.), with our objective being to attract one million clients,” stated Jacques de Vaucleroy, a member of ING’s board, in charge of insurance for Europe.
ING has around 6 million clients in Central Europe, 4 millions of whom are contributors to private pension funds, with the rest being holders of insurance policies, therefore the 1 million clients in Romania will account for 20% of ING’s total private pension clients.
De Vaucleroy, one of the nine members of ING’s executive board is currently following the domestic market very closely. “We were ready to start on August 1, but unfortunately the date was pushed back (to September 17). Let’s hope the new deadline will be met,” added the ING executive. According to De Vaucleroy, it is hard to say when the first billion of euros from assets managed on the Romanian market will be reached. “Unlike the situation on the other markets in Central and Eastern Europe, in Romania, the contribution percentage is very small, of 2% in the first year”.
ING has so far brought over 50 million euros to the capital of the pension company and aims to attract 35,000 marketing agents.