ING transaction account on the starting blocks

ING Direct confirmed the fact, though not the timing, of plans to introduce a transaction account to its narrow set of bank products.

Don Koch, ING's chief executive, told The Age, ''We may appear virtual, but we'll be physical with this."

ING Direct must already have arrangements with one or more banks for access to their automatic teller machine network.

Since opening in Australia in the late 1990s, ING has offered high-yield savings accounts only, and which required customers to link their ING account to the transaction account of another bank. This also meant that for a long time ING piggy-backed on the identity verification processes of other banks.

Koch appeared to diminish the prospect of any sale by the Dutch-based financial group of its Australian operation, telling the newspaper there was a strong commitment to the Australian business.

"To be brutal, I wouldn't be here if there was any other option. I have a long-term view on what I'd like to achieve here," he said.