ING Direct marked its first birthday on Wednesday, but there were no celebrations at the Toronto bank's branches-because it does not have any.

The $587 million-asset subsidiary of $450 billion-asset ING Group in the Netherlands has no brokers either. It consists of a call center and a Web site-and has opened 60,000 accounts.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.