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Information on geographical areas | 12 Months Ended
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Dec. 31, 2023
Disclosure of geographical areas [abstract] |
Information on geographical areas | 31 Information on geographical areas ING Group’s business lines operate in different geographical areas: the Netherlands, Belgium, Germany, Rest of Europe and Rest of the World. The geographical analyses are based on the location of the office from which the transactions are originated and do not include countries where ING only has representation offices. The Netherlands is ING Group’s country of domicile. In order to increase ING Group’s tax transparency, additional financial information on a per country basis has been included in this disclosure: Tax paid represents all income tax paid to and/or received from tax authorities in the current year, irrespective of the fiscal year to which these payments or refunds relate. Total assets by country does not include intercompany balances and reconciles to the total assets in the consolidated statement of financial position of ING Group. At the date when these financial statements were authorized for issue, the Netherlands has implemented new legislation, based on an OECD legislative framework, to ensure that large multinational groups with their head office in the Netherlands pay income tax at a minimum effective tax rate of 15% in all the countries they are present in, applicable from 2024 and onwards. Countries in which ING operates that have an effective tax rate below 15% will be subject to an additional top-up tax. ING Group expects to be subject to top-up tax in relation to its operations in Switzerland, Ireland, Bulgaria and United Arab Emirates, in which countries the statutory tax rate is below 15%, and in Singapore which country applies a special tax rate for certain profit components that reduces its effective tax rate to below 15%. ING Group has applied a temporary mandatory relief from deferred tax accounting for the impacts of the top-up tax and accounts for it as a current tax when it is incurred. If the top-up tax had been applied in 2023, the total top up tax that had to be paid by ING Group would have amounted to approximately EUR 4 million. The table below provide additional information, for the years 2023, 2022 and 2021 respectively, on names of principal subsidiaries and branches, nature of main activities and average number of employees on a full time equivalent basis by country/tax jurisdiction.
Additional information by country
Geographical area | Country/Tax jurisdiction | Name of principal subsidiary | Main (banking) activity | Average number of employees at full time equivalent basis | Total income | Total assets | Result before tax | Taxation | Tax paid
|  |  |  | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Netherlands | Netherlands | ING Bank N.V. | Wholesale / Retail | 14,449 | 14,488 | 15,138 | 5,171 | 8,831 | 6,621 | 294,485 | 310,912 | 299,767 | 1,445 | 4,874 | 2,384 | 461 | 1,399 | 728 | 601 | 376 | 428
Belgium | Belgium 5 | ING België N.V. | Wholesale / Retail | 6,392 | 6,582 | 6,965 | 1,917 | 4,365 | 2,754 | 128,391 | 128,323 | 130,335 | -119 | 2,297 | 842 | 7 | 584 | 212 | 169 | 152 | 174
| Luxembourg | ING Luxembourg S.A. | Wholesale / Retail | 939 | 927 | 856 | 587 | 503 | 366 | 14,435 | 18,415 | 20,406 | 328 | 262 | 189 | 84 | 66 | 48 | 40 | 37 | 20
Germany | Germany 5 | ING DiBa A.G. | Wholesale / Retail | 5,499 | 5,573 | 5,521 | 1,244 | 8,573 | 2,962 | 171,899 | 167,516 | 159,799 | -221 | 6,798 | 1,587 | -55 | 2,176 | 523 | 904 | 189 | 493
Rest of Europe | Poland 1 | ING Bank Slaski S.A | Wholesale / Retail | 11,677 | 11,130 | 10,674 | 2,350 | 1,652 | 1,509 | 52,134 | 45,598 | 43,888 | 1,236 | 544 | 660 | 286 | 143 | 154 | 136 | -23 | 235
| Spain | Branch of ING Bank N.V. | Wholesale / Retail | 1,576 | 1,439 | 1,380 | 1,156 | 899 | 743 | 33,092 | 32,277 | 32,559 | 533 | 321 | 212 | 125 | 105 | 57 | 114 | 101 | 59
| Italy | Branch of ING Bank N.V. | Wholesale / Retail | 1,190 | 1,118 | 1,099 | 433 | 345 | 335 | 14,832 | 14,152 | 13,983 | 128 | 63 | 73 | 54 | 22 | 25 | 19 | 2 | 2
| Romania 1 | Branch of ING Bank N.V. | Wholesale / Retail | 3,971 | 3,580 | 3,319 | 690 | 584 | 495 | 11,496 | 10,555 | 9,635 | 396 | 324 | 273 | 61 | 51 | 41 | 55 | 67 | 21
| Türkiye | ING Bank A.S. | Wholesale / Retail | 2,973 | 3,076 | 3,338 | 14 | 64 | 335 | 4,770 | 5,400 | 5,818 | -232 | -143 | 144 | -20 | 65 | 35 | 29 | 79 | 33
| UK | Branch of ING Bank N.V. | Wholesale | 722 | 692 | 698 | 758 | 693 | 636 | 50,572 | 46,066 | 50,734 | 510 | 286 | 277 | 131 | 81 | 73 | 101 | 58 | 50
| Switzerland | Branch of ING Bank N.V. | Wholesale | 292 | 277 | 259 | 248 | 290 | 241 | 8,501 | 9,513 | 11,081 | 137 | 182 | 148 | 19 | 25 | 21 | 52 | 45 | 67
| France 2,4 | Branch of ING Bank N.V. | Wholesale | 194 | 600 | 764 | 221 | 557 | 313 | 8,458 | 9,086 | 12,397 | 91 | 228 | -65 | 25 | 60 | -16 | 7 | 22 | -7
| Ireland | Branch of ING Bank N.V. | Wholesale | 82 | 72 | 64 | 83 | 66 | 70 | 3,907 | 2,773 | 1,831 | 71 | 28 | 77 | 9 | 3 | 10 | 8 | 6 | 10
| Czech Republic 3 | Branch of ING Bank N.V. | Wholesale | 134 | 137 | 285 | 76 | 78 | 100 | 3,191 | 3,192 | 2,894 | 33 | 38 | 33 | 6 | 6 | 8 | 10 | 13 | -2
| Hungary | Branch of ING Bank N.V. | Wholesale | 127 | 120 | 119 | 85 | 82 | 44 | 1,893 | 1,993 | 1,148 | 35 | 38 | 12 | 7 | 5 | 3 | 9 | 2 | 2
| Russia | ING Bank (Eurasia) Z.A.O. | Wholesale | 259 | 272 | 281 | 136 | 246 | 38 | 925 | 2,783 | 898 | 151 | 128 | 3 | 31 | 9 | 0 | 20 | 21 | -7
| Slovakia 1 | Branch of ING Bank N.V. | Wholesale | 1,347 | 1,129 | 983 | 20 | 15 | 15 | 618 | 391 | 352 | 11 | -1 | 3 | 2 | 1 | 0 | 2 | 0 | 2
| Portugal | Branch of ING Bank N.V. | Wholesale | 10 | 11 | 11 | 17 | 15 | 15 | 620 | 689 | 675 | 12 | 9 | 9 | 3 | 3 | 3 | 2 | 2 | 3
| Ukraine | PJSC ING Bank Ukraine | Wholesale | 91 | 91 | 96 | 53 | 45 | 22 | 590 | 385 | 409 | 44 | 9 | 11 | 22 | 2 | 2 | 7 | 2 | 2
| Bulgaria | Branch of ING Bank N.V. | Wholesale | 61 | 60 | 61 | 23 | 15 | 14 | 530 | 436 | 420 | 11 | 1 | 2 | 1 | 0 | 0 | 1 | 0 | 0
| Austria 3 | Branch of ING Bank N.V. | Wholesale | 17 | 17 | 292 | 9 | 19 | 175 | 383 | 261 | 419 | -4 | 9 | 101 | -1 | 2 | 16 | 1 | 3 | 6
1 Includes significant number of FTEs in relation to global services provided. 2 Public subsidies received, as defined in article 89 of the CRD IV, amounts to EUR 0.2 million (2022: EUR 0.1 million; 2021: EUR 0.0 million). 3 In 2021, ING exited from the retail banking markets in Austria and the Czech Republic. 4 In 2022, ING exited from the retail banking markets in France and the Philippines. 5 Result before tax is impacted by the EU 'IAS 39' carve out adjustment.
Additional information by country (continued)
Geographical area | Country/Tax jurisdiction | Name of principal subsidiary | Main (banking) activity | Average number of employees at full time equivalent basis | Total income | Total assets | Result before tax | Taxation | Tax paid
|  |  |  | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021 | 2023 | 2022 | 2021
Rest of the World | Australia | ING Bank (Australia) Ltd. | Wholesale / Retail | 1,820 | 1,556 | 1,503 | 1,033 | 948 | 782 | 52,734 | 52,728 | 49,826 | 572 | 557 | 500 | 174 | 172 | 149 | 185 | 135 | 121
| USA | ING Financial Holdings Corp. | Wholesale | 603 | 586 | 563 | 1,124 | 892 | 936 | 66,143 | 65,024 | 55,582 | 654 | 413 | 779 | 185 | 115 | 182 | 183 | 135 | 148
| Singapore | Branch of ING Bank N.V. | Wholesale | 576 | 565 | 573 | 354 | 354 | 331 | 26,816 | 25,701 | 24,163 | 172 | 105 | 133 | 24 | 14 | 19 | 13 | 21 | 9
| Japan | Branch of ING Bank N.V. | Wholesale | 32 | 31 | 30 | 40 | 30 | 25 | 14,267 | 5,128 | 2,256 | 17 | 20 | 4 | 7 | 7 | 2 | 10 | -1 | 3
| South Korea | Branch of ING Bank N.V. | Wholesale | 86 | 78 | 75 | 92 | 86 | 65 | 6,167 | 7,989 | 5,800 | 39 | 47 | 26 | 9 | 12 | 6 | 24 | 7 | -2
| Hong Kong | Branch of ING Bank N.V. | Wholesale | 104 | 103 | 105 | 101 | 82 | 79 | 4,378 | 4,343 | 6,691 | -18 | -33 | 5 | -2 | -5 | 1 | 0 | 0 | -7
| Taiwan | Branch of ING Bank N.V. | Wholesale | 37 | 35 | 33 | 39 | 33 | 26 | 2,597 | 3,578 | 2,963 | 0 | -16 | -3 | 1 | -5 | -1 | 0 | 4 | 0
| China | Branch of ING Bank N.V. | Wholesale | 78 | 76 | 79 | 18 | 30 | 26 | 998 | 1,181 | 1,654 | -12 | 4 | 0 | 2 | 5 | 6 | -9 | 13 | -1
| Philippines 1,4 | Branch of ING Bank N.V. | Wholesale | 4,079 | 3,098 | 2,414 | 10 | 10 | 6 | 403 | 381 | 567 | 1 | -39 | -33 | 2 | 8 | -5 | 2 | 2 | 1
| United Arab Emirates | Branch of ING Bank N.V. | Wholesale | 11 | 10 | 10 | -2 | -1 | 0 | 1 | 1 | 1 | -3 | -1 | -1 | 0 | 0 | 0 | 0 | 0 | 0
| Sri Lanka | Branch of ING Hubs B.V. | Global services | 4 | 4 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0
| Brazil | ING ADMINISTRAÇÃO LTDA. | In run-off / liquidation | 2 | 30 | 63 | 18 | 17 | 13 | 73 | 57 | 288 | 17 | 9 | 1 | 0 | 1 | 5 | 4 | 5 | 8
| Mexico | ING Consulting, S.A. de C.V. | In run-off / liquidation |  | 6 | 6 |  | 0 | 1 |  | 1 | 3 |  | -2 | -1 |  | 0 | 0 |  | 0 | 0
| Canada | Payvision Canada Services Ltd. | Dissolved in 2023 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0
| Macau | Payvision Macau Ltd. | Liquidated in 2022 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0
| Indonesia | PT ING Securities Indonesia | Liquidated in 2022 |  | 0 | 0 |  | 0 | 0 |  | 0 | 5 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0
| Malaysia | Branch of ING Bank N.V. | Closed in 2022 |  | 0 | 4 |  | 0 | 0 |  | 1 | 1 |  | 0 | -1 |  | 0 | 0 | 0 | 0 | 0
| Mauritius | ING Mauritius Investment I | Liquidated in 2022 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0 |  | 0 | 0
| Colombia | ING Capital Colombia S.A.S. | Dissolved in 2021 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0 |  |  | 0
Total |  |  |  | 59,434 | 57,569 | 57,660 | 18,121 | 30,418 | 20,093 | 980,299 | 976,834 | 949,250 | 6,037 | 17,358 | 8,385 | 1,662 | 5,130 | 2,306 | 2,700 | 1,474 | 1,873
1 Includes significant number of FTEs in relation to global services provided. 4 In 2022, ING exited from the retail banking markets in France and the Philippines. 2023 The higher tax charge of 32% in the Netherlands (compared to the statutory rate of 25.8%) is mainly caused by the non-deductible Dutch bank tax (EUR 189 million) and other non-deductible expenses. The lower tax charge in Spain is caused by a tax refund (EUR 43 million) regarding previous years. ING continued reducing Russian-related exposure during 2023. In 2023, the local results on a stand-alone basis were positively impacted by releases of loan loss provisions following improved macroeconomic indicators and decrease in exposures following sales and repayments. For further information, reference is made to Risk management. The lower negative tax charge reported for ING Türkiye with respect to its loss is mainly caused by the non deductibility for tax purposes of the accounting loss based on hyperinflation accounting. 2022 The higher tax charge of 29% in the Netherlands (compared to the statutory rate of 25.8%) is mainly caused by the non-deductible Dutch bank tax (EUR 179 million) and the non-deductible impairments regarding goodwill ING Türkiye (EUR 32 million) and TTB (EUR 165 million). The higher positive tax charge of Türkiye combined with its accounting loss based on hyperinflation accounting is mainly caused by the non deductibility of this loss for tax purposes. Since the Russian invasion of Ukraine, our strategy is no new business with Russian clients, including Russian-owned entities outside of Russia, and to get existing Russia-related credit exposures repaid as quickly as possible. These exposures are booked in various countries and totalled EUR 6.7 billion, published on 4 March 2022. Remaining at risk for ING Group at year-end 2022 is EUR 0.3 billion local equity and EUR 2.5 billion credit exposures booked outside of Russia. In 2022, ING's results in connection with Russia-related credit exposures declined significantly, as we recognised EUR 0.5 billion risk costs related to these exposures. The local results on a standalone basis were higher compared to 2021. This was driven by the high local interest-rate environment and increased rouble inflow from existing, predominantly non-Russian, clients. Under local law and banking regulations, ING Russia must accept these rouble inflows. Furthermore, the local result before tax expressed in EUR (EUR 128 million) was positively impacted by the appreciation of the rouble against the euro for an amount of EUR 80 million throughout 2022. Going forward, we will continue to actively reduce our Russia-related credit exposure. The higher tax charge in Poland is mainly caused by non-deductible regulatory and other costs. 2021 The higher tax charge of 31% in the Netherlands (compared to the statutory rate of 25%) is mainly caused by the non-deductible Dutch bank tax (EUR 260 million) and the impairments on deferred tax assets regarding Payvision and Yolt (EUR 26 million tax). The lower tax charge in Austria is caused by previously not recognised tax losses (EUR -10 million tax). The higher tax charge in Poland is mainly caused by non-deductible regulatory- and other costs.

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