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ING Direct on hold in Japan

ING Direct on hold in Japan

(11 December 2007 – Japan) ING Group’s plan of rolling out its ING Direct product in the Japanese market has been put on hold for the year as the Dutch bank finalises regulatory approval. ING said it was working closely with Japan’s Financial Supervisory Agency to provide information necessary to obtaining its licence.

ING has already received a preliminary banking licence from the FSA and said it would quickly launch ING Direct once final approval was granted, although it failed to outline an exact timeline.

Japan, a nation of great savers, currently has about US$7.18 trillion in retail deposits.
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