Despite troubles within the world's financial system Dutch bank ING is pushing ahead with its international expansion programme.

The newly-opened Madurai branch is the thirty-sixth in India and the fifth in Tamil Nadu, in addition to the already established ones in Chennai, Tirupur, Trichy and Coimbatore. It will offer the full range of ING mutual fund products and services.

Navin Suri, vice president and director (sales and distribution), ING Investment Management India, said: “The Indian mutual fund industry's total assets under management could grow at around 33 per cent year-on-year from $92 billion in March 2007 to $350-$440 billion by 2012. To achieve this, penetration to tier II and III cities will be necessary for every player.”

In India, ING Investment Management has an investor base of over 152,000 with assets under management of INR67 billion ($1.3 billion) excluding fund of funds at 31 August 2008. It currently manages 21 single manager schemes and 14 multi-manager schemes.