ING targets 720,000 retail banking clients

ING Bank will expand its retail banking client portfolio to 720,000 this year, after it achieved last year’s target of half a million clients, according to Albert Roggemans, CEO of the bank’s retail division. “Now we are confident we will achieve the one million-client target set for 2010 on the retail banking segment,” said Roggemans. ING launched a MasterCard credit card on Tuesday. The card uses chip technology, which provides a high level of security for transactions. So far, the bank has only operated debit cards attached to the Cont’Rol account (the main product in the bank’s retail offer). Roggemans did not wish to give an estimate on the volume of credit card sales, but said the new product would be heavily promoted, and presented directly to existing clients and to select potential clients. ING has also made a TV advertisement to promote the card. The head of ING’s retail says the biggest advantage of the card is the cost: the annual interest rate stands at 18%, and the bank will operate only one annual management fee of 18 RON.