First they sold ING Canada & ING Taiwan.. now there are talks to sell the whole Asia and Europe private banking segments?? Aren't the Asian (and to a lesser extent European and Canadian) economies some of the most promising financial opportunities in upcoming years? I generally like ING's strategy, but between this mass sell off of most valuable assets and the failure to make Sharebuilder a decent competitor for Scottrade, eTrade and IBKR, I'm getting somewhat concerned... Does anyone have insights/opinions on this?
Not competition for eTrade, scottrade, etc? Sharebuilder and INGdirect are adding more accounts in one quarter than etrade is the entire year. It doesn't matter where the money is coming from, it is the fact that they have it. If I remember right they added 500,000+ accounts in Q1. As eTrade advertises, they are adding 1000 new accounts every day. So ING companies already topped their total additions in Q1. Besides, ING is much bigger into the insurance business then it is deposits. For ING the deposits and "etrade" type business is just icing on the cake.