ING Direct CEO On New Competition From Big Banks
Jonathan Stempel reports for Reuters on comments by ING Direct CEO Arkadi Kuhlmann about the recent entry of Citibank, HSBC and others into offering high yield online accounts similar to what ING Direct has been offering for years.
"I'm actually surprised it took five years," said Arkadi Kuhlmann, 58, who has led ING Direct since 1997 and introduced it in the United States in 2000. "We don't worry about having a number of competitors. I think they have a real handicap -- that they are big, traditional banking institutions."
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