ING Australia has appointed finance industry veteran Nancy Fox to its board of directors.
Ms Fox carries 30 years of experience in financial services, infrastructure and insurance in Australia, Asia and the US.
She currently serves on the board of a number of organisations including Perpetual and HCF Life Insurance, as well as non-for-profit organisations such as Lawcover and the Taronga Conservation Society.
ING, which boasts $38 billion in savings and $43 billion in mortgages in its portfolio, is among the group of non-majors to experience a boost in market share in recent months.
According to AFG’s Competition Index for March 2018, the flow of broker-originated business to the major banks (the big four and their subsidiaries) dropped from 66.14 per cent in January 2018 to 64.03 per cent by the end of February, while non-major market share jumped from 33.86 per cent to 35.97 per cent in the same period.
AFG Home Loans maintained its position as the non-major lender with the largest market share (8.64 per cent), followed by AMP Bank (4.62 per cent), Macquarie Bank (4.26 per cent), ING (3.05 per cent) and Suncorp (2.81 per cent).
ING earlier this year announced that it would purchase a 75 per cent stake in omnichannel payments service provider Payvision for €360 million, explaining that the move will support the expansion of its merchant services for business customers, particularly those in e-commerce.
“As a result of our combined strengths, business customers will strongly benefit from Payvision’s omnichannel payments platform complemented by ING’s lending and working capital solutions and its worldwide distribution network,” ING said.
ING also made significant changes to its underwriting guidelines for commercial loans in January, announcing that a residential property will no longer be accepted as security on “a standalone basis” for commercial loans that exceed $3 million.
Tas Bindi is the features editor for The Adviser magazine.
Prior to joining Momentum Media, Tas wrote for business and technology titles such as ZDNet, TechRepublic, Startup Daily, and Dynamic Business.
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