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Information on geographical areas | 12 Months Ended
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Dec. 31, 2024
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 do not include intercompany balances and reconcile to the total assets in the consolidated statement of financial position of ING Group. ING Group is subject to top-up tax (Global Anti-Base Erosion Model Rules (Pillar Two)) in relation to its operations in countries where the effective tax rate falls below 15%. This includes Switzerland, Ireland and Bulgaria as a result of their lower nominal tax rates, as well as Singapore, where special local tax rates for certain types of income reduce the effective tax rate. 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. The total top-up tax that is expected to be paid by ING Group per jurisdiction over 2024 amounts to EUR 9.5 million.
Overview Top up tax to be paid per jurisdiction |  |  |  |  |  |  |  |
Country | Top-up tax (EUR million) |  |  |  |  |  |  |  |
Singapore 1 | 6.5 |  |  |  |  |  |  |  |
Ireland 2 | 2.1 |  |  |  |  |  |  |  |
Bulgaria 2 | 0.6 |  |  |  |  |  |  |  |
Switzerland 2 | 0.3 |  |  |  |  |  |  |  |
| 9.5 |  |  |  |  |  |  |  |
1 Booked and to be paid in the Netherlands. 2 Booked and to be paid locally. The table below provides additional information, for the years 2024, 2023 and 2022 respectively, on names of principal subsidiaries and branches, the nature of main activities and the 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
|  |  |  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Netherlands | Netherlands | ING Bank N.V. | Wholesale / Retail | 14,821 | 14,449 | 14,488 | 5,201 |  | 5,171 |  | 8,831 |  | 301,955 |  | 294,485 |  | 310,912 |  | 1,408 |  | 1,445 |  | 4,874 |  | 519 |  | 461 |  | 1,399 |  | 589 |  | 601 |  | 376 |
Belgium | Belgium | ING België N.V. | Wholesale / Retail | 5,994 | 6,392 | 6,582 | 2,767 |  | 1,917 |  | 4,365 |  | 136,765 |  | 128,391 |  | 128,323 |  | 759 |  | -119 |  | 2,297 |  | 198 |  | 7 |  | 584 |  | 272 |  | 169 |  | 152 |
| Luxembourg | ING Luxembourg S.A. | Wholesale / Retail | 887 | 939 | 927 | 469 |  | 587 |  | 503 |  | 13,961 |  | 14,435 |  | 18,415 |  | 192 |  | 328 |  | 262 |  | 48 |  | 84 |  | 66 |  | 116 |  | 40 |  | 37 |
Germany | Germany | ING DiBa A.G. | Wholesale / Retail | 5,460 | 5,499 | 5,573 | 2,582 |  | 1,244 |  | 8,573 |  | 174,500 |  | 171,899 |  | 167,516 |  | 853 |  | -221 |  | 6,798 |  | 280 |  | -55 |  | 2,176 |  | 663 |  | 904 |  | 189 |
Rest of Europe | Poland 1 | ING Bank Slaski S.A | Wholesale / Retail | 11,575 | 11,677 | 11,130 | 2,620 |  | 2,350 |  | 1,652 |  | 56,090 |  | 52,134 |  | 45,598 |  | 1,313 |  | 1,236 |  | 544 |  | 280 |  | 286 |  | 143 |  | 231 |  | 136 |  | -23 |
| Spain | Branch of ING Bank N.V. | Wholesale / Retail | 1,692 | 1,576 | 1,439 | 1,224 |  | 1,156 |  | 899 |  | 35,917 |  | 33,092 |  | 32,277 |  | 549 |  | 533 |  | 321 |  | 174 |  | 125 |  | 105 |  | 185 |  | 114 |  | 101 |
| Italy | Branch of ING Bank N.V. | Wholesale / Retail | 1,235 | 1,190 | 1,118 | 513 |  | 433 |  | 345 |  | 16,444 |  | 14,832 |  | 14,152 |  | 119 |  | 128 |  | 63 |  | 38 |  | 54 |  | 22 |  | 16 |  | 19 |  | 2 |
| Romania 1 | Branch of ING Bank N.V. | Wholesale / Retail | 4,282 | 3,971 | 3,580 | 749 |  | 690 |  | 584 |  | 12,937 |  | 11,496 |  | 10,555 |  | 401 |  | 396 |  | 324 |  | 67 |  | 61 |  | 51 |  | 76 |  | 55 |  | 67 |
| Türkiye | ING Bank A.S. | Wholesale / Retail | 2,795 | 2,973 | 3,076 | 142 |  | 14 |  | 64 |  | 4,897 |  | 4,770 |  | 5,400 |  | -110 |  | -232 |  | -143 |  | 18 |  | -20 |  | 65 |  | 5 |  | 29 |  | 79 |
| UK | Branch of ING Bank N.V. | Wholesale | 741 | 722 | 692 | 811 |  | 758 |  | 693 |  | 59,615 |  | 50,572 |  | 46,066 |  | 249 |  | 510 |  | 286 |  | 52 |  | 131 |  | 81 |  | 70 |  | 101 |  | 58 |
| Switzerland | Branch of ING Bank N.V. | Wholesale | 300 | 292 | 277 | 228 |  | 248 |  | 290 |  | 9,086 |  | 8,501 |  | 9,513 |  | 104 |  | 137 |  | 182 |  | 16 |  | 19 |  | 25 |  | 29 |  | 52 |  | 45 |
| France 2,3 | Branch of ING Bank N.V. | Wholesale | 194 | 194 | 600 | 214 |  | 221 |  | 557 |  | 7,928 |  | 8,458 |  | 9,086 |  | -23 |  | 91 |  | 228 |  | -3 |  | 25 |  | 60 |  | 9 |  | 7 |  | 22 |
| Ireland | Branch of ING Bank N.V. | Wholesale | 119 | 82 | 72 | 135 |  | 83 |  | 66 |  | 3,593 |  | 3,907 |  | 2,773 |  | 102 |  | 71 |  | 28 |  | 15 |  | 9 |  | 3 |  | 12 |  | 8 |  | 6 |
| Czech Republic | Branch of ING Bank N.V. | Wholesale | 122 | 134 | 137 | 77 |  | 76 |  | 78 |  | 3,382 |  | 3,191 |  | 3,192 |  | 37 |  | 33 |  | 38 |  | 8 |  | 6 |  | 6 |  | 4 |  | 10 |  | 13 |
| Hungary | Branch of ING Bank N.V. | Wholesale | 128 | 127 | 120 | 63 |  | 85 |  | 82 |  | 2,179 |  | 1,893 |  | 1,993 |  | 6 |  | 35 |  | 38 |  | 3 |  | 7 |  | 5 |  | 9 |  | 9 |  | 2 |
| Russia | ING Bank (Eurasia) Z.A.O. | Wholesale | 236 | 259 | 272 | 139 |  | 136 |  | 246 |  | 764 |  | 925 |  | 2,783 |  | 99 |  | 151 |  | 128 |  | 19 |  | 31 |  | 9 |  | 21 |  | 20 |  | 21 |
| Slovakia 1 | Branch of ING Bank N.V. | Wholesale | 1,489 | 1,347 | 1,129 | 22 |  | 20 |  | 15 |  | 612 |  | 618 |  | 391 |  | 8 |  | 11 |  | -1 |  | 3 |  | 2 |  | 1 |  | 4 |  | 2 |  | 0 |
| Portugal | Branch of ING Bank N.V. | Wholesale | 11 | 10 | 11 | 23 |  | 17 |  | 15 |  | 815 |  | 620 |  | 689 |  | 18 |  | 12 |  | 9 |  | 4 |  | 3 |  | 3 |  | 4 |  | 2 |  | 2 |
| Ukraine | PJSC ING Bank Ukraine | Wholesale | 92 | 91 | 91 | 45 |  | 53 |  | 45 |  | 651 |  | 590 |  | 385 |  | 29 |  | 44 |  | 9 |  | 14 |  | 22 |  | 2 |  | 25 |  | 7 |  | 2 |
| Bulgaria | Branch of ING Bank N.V. | Wholesale | 64 | 61 | 60 | 27 |  | 23 |  | 15 |  | 570 |  | 530 |  | 436 |  | 13 |  | 11 |  | 1 |  | 2 |  | 1 |  | 0 |  | 2 |  | 1 |  | 0 |
| Austria | Branch of ING Bank N.V. | Wholesale | 20 | 17 | 17 | 10 |  | 9 |  | 19 |  | 394 |  | 383 |  | 261 |  | -2 |  | -4 |  | 9 |  | 0 |  | -1 |  | 2 |  | 0 |  | 1 |  | 3 |
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 0.1 million (2023: EUR 0.2 million; 2022: EUR 0.1 million). 3 In 2022, ING exited from the retail banking markets in France and the Philippines.
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
|  |  |  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 |  |  |  | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022 | 2024 | 2023 | 2022
Rest of the World | Australia | ING Bank (Australia) Ltd. | Wholesale / Retail | 1,994 | 1,820 | 1,556 | 994 |  | 1,033 |  | 948 |  |  |  |  | 53,895 |  | 52,734 |  | 52,728 |  | 460 |  | 572 |  | 557 |  | 142 |  | 174 |  | 172 |  | 195 |  | 185 |  | 135 |
| USA | ING Financial Holdings Corp. | Wholesale | 659 | 603 | 586 | 1,277 |  | 1,124 |  | 892 |  |  |  |  | 65,197 |  | 66,143 |  | 65,024 |  | 759 |  | 654 |  | 413 |  | 195 |  | 185 |  | 115 |  | 175 |  | 183 |  | 135 |
| Singapore | Branch of ING Bank N.V. | Wholesale | 572 | 576 | 565 | 474 |  | 354 |  | 354 |  |  |  |  | 34,593 |  | 26,816 |  | 25,701 |  | 333 |  | 172 |  | 105 |  | 44 |  | 24 |  | 14 |  | 24 |  | 13 |  | 21 |
| Japan | Branch of ING Bank N.V. | Wholesale | 32 | 32 | 31 | 42 |  | 40 |  | 30 |  |  |  |  | 9,570 |  | 14,267 |  | 5,128 |  | 25 |  | 17 |  | 20 |  | 5 |  | 7 |  | 7 |  | 4 |  | 10 |  | -1 |
| South Korea | Branch of ING Bank N.V. | Wholesale | 86 | 86 | 78 | 86 |  | 92 |  | 86 |  |  |  |  | 8,050 |  | 6,167 |  | 7,989 |  | 32 |  | 39 |  | 47 |  | 7 |  | 9 |  | 12 |  | 7 |  | 24 |  | 7 |
| Hong Kong | Branch of ING Bank N.V. | Wholesale | 100 | 104 | 103 | 76 |  | 101 |  | 82 |  |  |  |  | 3,512 |  | 4,378 |  | 4,343 |  | 24 |  | -18 |  | -33 |  | 4 |  | -2 |  | -5 |  | 0 |  | 0 |  | 0 |
| Taiwan | Branch of ING Bank N.V. | Wholesale | 37 | 37 | 35 | 27 |  | 39 |  | 33 |  |  |  |  | 3,507 |  | 2,597 |  | 3,578 |  | 4 |  | 0 |  | -16 |  | 1 |  | 1 |  | -5 |  | 3 |  | 0 |  | 4 |
| China | Branch of ING Bank N.V. | Wholesale | 78 | 78 | 76 | 29 |  | 18 |  | 30 |  |  |  |  | 1,935 |  | 998 |  | 1,181 |  | -5 |  | -12 |  | 4 |  | -1 |  | 2 |  | 5 |  | 0 |  | -9 |  | 13 |
| Philippines 1,3 | Branch of ING Bank N.V. | Wholesale | 5,290 | 4,079 | 3,098 | 16 |  | 10 |  | 10 |  |  |  |  | 477 |  | 403 |  | 381 |  | 14 |  | 1 |  | -39 |  | 3 |  | 2 |  | 8 |  | 3 |  | 2 |  | 2 |
| United Arab Emirates | Branch of ING Bank N.V. | Wholesale | 12 | 11 | 10 | 0 |  | -2 |  | -1 |  |  |  |  | 1 |  | 1 |  | 1 |  | 0 |  | -3 |  | -1 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
| Sri Lanka | Branch of ING Hubs B.V. | Global services | 5 | 4 | 4 | 0 |  | 0 |  | 0 |  |  |  |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |  | 0 |
| Brazil | ING ADMINISTRAÇÃO LTDA. | In run-off / liquidation | 0 | 2 | 30 | 4 |  | 18 |  | 17 |  |  |  |  | 63 |  | 73 |  | 57 |  | 3 |  | 17 |  | 9 |  | 25 |  | 0 |  | 1 |  | 1 |  | 4 |  | 5 |
| Mexico | ING Consulting, S.A. de C.V. | In run-off / liquidation | 0 | 0 | 6 | 0 |  | 0 |  | 0 |  |  |  |  | 0 |  | 0 |  | 1 |  | 0 |  | 0 |  | -2 |  | 0 |  | 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 |
| Indonesia | PT ING Securities Indonesia | Liquidated in 2022 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
| Malaysia | Branch of ING Bank N.V. | Closed in 2022 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 1 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
| Mauritius | ING Mauritius Investment I | Liquidated in 2022 |  |  | 0 |  |  | 0 |  |  |  |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Total |  |  |  | 61,121 | 59,434 | 57,569 | 21,087 |  | 18,121 |  | 30,418 |  |  |  |  | 1,023,856 |  | 980,299 |  | 976,834 |  | 7,772 |  | 6,037 |  | 17,358 |  | 2,181 |  | 1,662 |  | 5,130 |  | 2,754 |  | 2,700 |  | 1,474 |
1 Includes significant number of FTEs in relation to global services provided. 3 In 2022, ING exited from the retail banking markets in France and the Philippines. 2024 The higher tax charge of 37% in the Netherlands (compared to the statutory rate of 25.8%) was mainly caused by the non-deductible Dutch bank tax (EUR 246 million) and other non-deductible expenses. The positive tax charge reported for ING Türkiye with respect to its loss was mainly caused by the non-deductibility for tax purposes of the accounting loss based on hyperinflation accounting. The high tax charge in Brazil is caused by tax corrections prior periods in connection with the run-off of our Brazilian operations. ING has taken on no new business with Russian companies in 2024, has scaled down operations and has taken actions to separate the business from ING’s networks and systems. On 28 January 2025, ING announced that it has reached an agreement on the sale of its business in Russia to Global Development JSC. For further information, reference is made to Note 48 'Subsequent events '. 2023 The higher tax charge of 32% in the Netherlands (compared to the statutory rate of 25.8%) was mainly caused by the non-deductible Dutch bank tax (EUR 189 million) and other non-deductible expenses. The lower tax charge in Spain was caused by a tax refund (EUR 43 million) regarding previous years. ING continued reducing Russian-related exposure during 2023, the local results on a standalone basis were positively impacted by releases of loan loss provisions following improved macroeconomic indicators and decrease in exposures following sales and repayments. The lower negative tax charge reported for ING Türkiye with respect to its loss was 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%) was 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 an accounting loss based on hyperinflation accounting was 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 have recognized 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.

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