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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ING Groep N.V.    INGA   NL0011821202

ING GROEP N.V.

(INGA)
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UBS banks on hybrid digital platform to boost millionaire business

11/18/2020 | 08:19am EST
FILE PHOTO: The logo of Swiss bank UBS is seen at a branch office in Zurich

ZURICH (Reuters) - Swiss investment bank UBS is aiming to net $5 billion (3.7 billion pounds) in assets through international expansion of its digital portfolio management system, looking to attract millionaire clients through increased digitalisation.

After rowing back from an initial foray into robo-advisory services several years ago, the world's largest wealth manager is extending a recently-launched hybrid platform that allows clients to customise their portfolios digitally with the assistance of human advisers.

Under new Chief Executive Ralph Hamers, who took the helm after a six-year stint digitalising Dutch lender ING, the Swiss company's focus on technology is expected to increase in its core private banking business in an effort to boost revenue growth while managing costs.

Its My Way system has attracted $1 billion since launching to Swiss domestic clients in May, according to an internal memo seen by Reuters. That milestone has been reached a year ahead of target, with the COVID-19 pandemic having encouraged use of online services.

"Since launching in Switzerland, we've never seen so many non-clients reaching out to us," Andre Spycher, head of sales management for UBS wealth business in Switzerland, told Reuters.

"We still see massive upside potential in Switzerland; and as the largest wealth manager in Asia, we see huge potential there, too."

After launches in Asia and with German and British international clients, the bank expects to make further European forays next year, he said.

"Clients are willing to pay a premium," Spycher said of My Way, adding that the application also lowered administrative and regulatory costs while speeding up internal processes, boosting profitability.

With initial investment beginning at 250,000 Swiss francs(206,729.31 pounds), the product has attracted interest from entrepreneurs and executives, as well as older wealthy clients who have thus far managed their own investment decisions and thereby reduced fees paid to the bank.

"They're clients who want to be involved in calling the shots, but also benefit from our expertise," Spycher said.

(Reporting by Brenna Hughes Neghaiwi; Editing by David Goodman)

By Brenna Hughes Neghaiwi


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ING GROEP N.V. 0.94% 7.845 Real-time Quote.1.58%
UBS GROUP AG 1.32% 13.395 Delayed Quote.6.01%
All news about ING GROEP N.V.
07:02aING GROEP N : rated ‘strong' for ESG by S&P
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06:50aING GROEP N : rated ‘strong' for ESG by S&P's
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01/18IEX N : Railpool to benefit from large-scale financing for rail vehicle acquisit..
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01/18MARKET CHATTER : UBS CEO Ralph Hamers Likely to Be Prosecuted in Dutch Money Lau..
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01/17PRFOODS : AS PRFoods unaudited preliminary consolidated turnover of the 2nd quar..
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01/14ING GROEP N.V. : Morgan Stanley remains Neutral
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01/13European ADRs Move Lower in Wednesday Trading
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01/13ING GROEP N.V. : Jefferies gives a Buy rating
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01/12ING GROEP N.V. : RBC reiterates its Buy rating
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01/12ING GROEP N.V. : Buy rating from UBS
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Financials
Sales 2020 17 784 M 21 515 M 21 515 M
Net income 2020 2 261 M 2 736 M 2 736 M
Net Debt 2020 - - -
P/E ratio 2020 13,0x
Yield 2020 3,35%
Capitalization 30 273 M 36 695 M 36 624 M
Capi. / Sales 2020 1,70x
Capi. / Sales 2021 1,71x
Nbr of Employees 56 492
Free-Float 100,0%
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Technical analysis trends ING GROEP N.V.
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TrendsNeutralBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 9,07 €
Last Close Price 7,76 €
Spread / Highest target 67,5%
Spread / Average Target 16,8%
Spread / Lowest Target -27,2%
EPS Revisions
Managers and Directors
NameTitle
Steven van Rijswijk Chief Executive Officer
Gerardus Johannes Wijers Chairman-Supervisory Board
Tanate Phutrakul Chief Financial Officer
Mariana Gheorghe Member-Supervisory Board
Margarete Haase Member-Supervisory Board
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