ING Group eyeing 100 mn euro profits in India
However, it was not specified in how many years the three ING ventures in India are targeted to touch the 100 mn mark.india Updated: Mar 17, 2006 16:31 IST
Setting a target for making ING Group one of the leaders in banking, mutual fund and insurance in India, group CEO Michel Tilmant said on Friday that he was expecting 100 million euro profits from all the three businesses in the country.
"I don't like to give numbers, but at the same time if I give number, then I'll say 100 million (euro profits)," Tilmant said in reply to a query after his address at a FICCI session.
However, he did not specify in how many years the three ING ventures in India are targeted to touch the 100 million mark.
ING Vysya Bank Ltd, the listed entitiy of the three ventures that ING group had in India, had a net loss of Rs 38.18 crore last fiscal but has earned Rs 33.81 crore of net profit during the first nine months of this fiscal, according to figures disclosed to BSE.
Globally, the group earned 7.8 billion euro profit last year.
"I have come here to say to staff that ING has real ambition to grow our business (in India). And to grow our business in India we have to provide quality and reliable products," Tilmant said.
He said he had told his staff that the group has ambition to be one of leaders in its businesses in India. "I am expecting them to move forward, to look for clients, to look for products, to look for distribution channels and to be one of the leaders in this country."