ING Mexico
Encyclopedia
The Dutch
ING Group
operations in Mexico
are performed through ING Mexico.
ING's initial operations in Mexico predate any involvement in the insurance arena by establishing a representative office of ING Barings in Mexico City
where private and investment
banking services in Mexico were offered to high net-worth individuals and large corporations. However, ING's funding of Mexican ventures in the international arena was done directly from their New York
, London
, Switzerland
and Amsterdam
offices.
ING Mexico's operations today are largely composed of its acquisition of Seguros Comercial America. Seguros Comercial America (now Seguros ING) is Mexico's largest insurance company that results from the acquisition and reverse merger of Seguros America (once owned by Banamex, Mexico's largest commercial bank
), and Seguros La Comercial under the management of its previous majority stockholder, Alfonso Romo Garza
, whom also acquired ASEMEX, a former state-owned underwriter that was the largest insurance company still held by the Mexican government under President
Ernesto Zedillo
's term, that is also part of the Seguros Comercial America legacy.
Netherlands
The Netherlands is a constituent country of the Kingdom of the Netherlands, located mainly in North-West Europe and with several islands in the Caribbean. Mainland Netherlands borders the North Sea to the north and west, Belgium to the south, and Germany to the east, and shares maritime borders...
ING Group
ING Group
The ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
operations in Mexico
Mexico
The United Mexican States , commonly known as Mexico , is a federal constitutional republic in North America. It is bordered on the north by the United States; on the south and west by the Pacific Ocean; on the southeast by Guatemala, Belize, and the Caribbean Sea; and on the east by the Gulf of...
are performed through ING Mexico.
ING's initial operations in Mexico predate any involvement in the insurance arena by establishing a representative office of ING Barings in Mexico City
Mexico City
Mexico City is the Federal District , capital of Mexico and seat of the federal powers of the Mexican Union. It is a federal entity within Mexico which is not part of any one of the 31 Mexican states but belongs to the federation as a whole...
where private and investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
banking services in Mexico were offered to high net-worth individuals and large corporations. However, ING's funding of Mexican ventures in the international arena was done directly from their New York
New York
New York is a state in the Northeastern region of the United States. It is the nation's third most populous state. New York is bordered by New Jersey and Pennsylvania to the south, and by Connecticut, Massachusetts and Vermont to the east...
, London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
, Switzerland
Switzerland
Switzerland name of one of the Swiss cantons. ; ; ; or ), in its full name the Swiss Confederation , is a federal republic consisting of 26 cantons, with Bern as the seat of the federal authorities. The country is situated in Western Europe,Or Central Europe depending on the definition....
and Amsterdam
Amsterdam
Amsterdam is the largest city and the capital of the Netherlands. The current position of Amsterdam as capital city of the Kingdom of the Netherlands is governed by the constitution of August 24, 1815 and its successors. Amsterdam has a population of 783,364 within city limits, an urban population...
offices.
ING Mexico's operations today are largely composed of its acquisition of Seguros Comercial America. Seguros Comercial America (now Seguros ING) is Mexico's largest insurance company that results from the acquisition and reverse merger of Seguros America (once owned by Banamex, Mexico's largest commercial bank
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
), and Seguros La Comercial under the management of its previous majority stockholder, Alfonso Romo Garza
Alfonso Romo
Alfonso Romo Garza , known as Alfonso Romo, is a Monterrey businessman and agro-industrialist, with interests in banking and Mexican politics. He founded the Opción Ciudadana party in 2005....
, whom also acquired ASEMEX, a former state-owned underwriter that was the largest insurance company still held by the Mexican government under President
President of Mexico
The President of the United Mexican States is the head of state and government of Mexico. Under the Constitution, the president is also the Supreme Commander of the Mexican armed forces...
Ernesto Zedillo
Ernesto Zedillo
Ernesto Zedillo Ponce de León is a Mexican economist and politician. He served as President of Mexico from December 1, 1994 to November 30, 2000, as the last of the uninterrupted seventy year line of Mexican presidents from the Institutional Revolutionary Party...
's term, that is also part of the Seguros Comercial America legacy.