Powered by MOMENTUM MEDIA
the adviser logo
Lender

ING Australia welcomes Perpetual director to board

by Staff Reporter4 minute read
ING Australia, Nancy Fox

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.

Advertisement
Advertisement

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.

[Related: Major bank market share slips as non-major share rises]

nancy fox ing

Tas Bindi

Tas Bindi

AUTHOR

Tas Bindi is the features editor for The Adviser magazine. 

JOIN THE DISCUSSION

You need to be a member to post comments. Register for free today

MORE FROM THE ADVISER

Stephen Hale ta

MFAA launches near-prime, specialist loan resource

Coined Finance for when your customer doesn’t fit the mould: A broker’s guide to near-prime and...

READ MORE
Daniel Newell Gedda

Specialist lender LoanU rebrands to Gedda

The personal and auto loan provider LoanU, which specialises in helping Australians with impaired credit histories...

READ MORE
tech tools

CBA introduces AI technology to combat scams

New figures released by the competition watchdog this week have revealed that Australians lost more than $2 billion...

READ MORE
magazine
Read the latest issue of The Adviser magazine!
The Adviser is the number one magazine for Australia's finance and mortgage brokers. The publications delivers news, analysis, business intelligence, sales and marketing strategies, research and key target reports to an audience of professional mortgage and finance brokers
Read more