v3.25.4
Principal subsidiaries, investments in associates and joint ventures
12 Months Ended
Dec. 31, 2025
Investments in subsidiaries, joint ventures and associates reported in separate financial statements [abstract]  
Principal subsidiaries, investments in associates and joint ventures 43  Principal subsidiaries, investments in associates and joint ventures
For the majority of ING’s principal subsidiaries, ING Groep N.V. has control because it either directly or indirectly
owns more than half of the voting power. For subsidiaries in which the interest held is below 50%, control exists
based on the combination of ING’s financial interest and its rights from other contractual arrangements which
result in control over the operating and financial policies of the entity.
For each of the subsidiaries listed, the voting rights held equal the proportion of ownership interest, and
consolidation by ING is based on the majority of ownership.
For the principal investments in associates and joint ventures ING Group has significant influence but not control.
Significant influence generally results from a shareholding of between 20% and 50% of the voting rights, but also
the ability to participate in the financial and operating policies through situations including, but not limited to one
or more of the following:
§Representation on the board of directors;
§Participation in the policymaking process; and
§Interchange of managerial personnel.
The principal subsidiaries, investments in associates and joint ventures of ING Groep N.V. and their statutory place
of incorporation or primary place of business are as follows:
Principal subsidiaries, investments in associates and joint ventures
Proportion of
ownership and
interest held by the
group
2025
2024
Subsidiary
Statutory place of
Incorporation
Country of operation
ING Bank N.V.
Amsterdam
the Netherlands
100%
100%
ING Belgium S.A./N.V.
Brussels
Belgium
100%
100%
ING Luxembourg S.A.
Luxembourg City
Luxembourg
100%
100%
ING DiBa AG
Frankfurt am Main
Germany
100%
100%
ING Bank Slaski S.A.1
Katowice
Poland
75%
75%
ING Financial Holdings Corporation
Delaware
United States of America
100%
100%
ING Bank A.S.
Istanbul
Türkiye
100%
100%
ING Bank (Australia) Ltd
Sydney
Australia
100%
100%
ING Commercial Finance B.V.
Amsterdam
the Netherlands
100%
100%
Investments in associates and joint
ventures
TMBThanachart Bank Public Company Ltd 2
Bangkok
Thailand
23%
23%
1The shares of the non-controlling interest stake of 25% are listed on the Warsaw Stock Exchange, for summarised financial information we refer to Note
31 'Information on geographical areas'.
2Reference is made to Note 8 'Investment in associates and joint ventures'.