ING Direct plans to add mutual funds to its product range. The bricks and clicks direct distribution arm of the eponymous Dutch financial group claims to have recruited over 3 million customers and Euro 30 billion in assets already. The business, launched in Canada in May 1997, now operates in Spain, Australia, France, the United States and Italy. DiBa, the German direct bank in which ING has a stake of 70 per cent, is also direct banking market leader in Germany.
In addition to mutual funds, ING Direct will sell life insurance, pensions, mortgages and personal loans. In the United States, ING life insurance agents also sell ING Direct products to their customers. ING Direct in the United States now has more than 500,000 customers and manages total funds of over USD 5 billion. It started in the country as recently as September 2000,with a high yield savings account.