ING abandons its retail banking activities in France


Posted: December 21, 2021 at 7:18 a.m. ET

ING on Tuesday announced its intention to exit the retail banking market in France, which will affect 460 unionized employees. The move comes after a strategic review announced in June. ING will continue its wholesale banking activity in France, with an emphasis on sustainable finance. The retail banking business has 1 million customers. ING said it is currently studying an agreement for its client portfolio with third parties and will continue to provide banking services to its clients. A social plan for bank employees is subject to the approval of the Ministry of Labor. “Leaving the retail banking market in France, ING …

ING

ING

announced on Tuesday that it would be leaving the retail banking market in France, which will affect 460 unionized workers. The move comes after a strategic review announced in June. ING will continue its wholesale banking activity in France, with an emphasis on sustainable finance. The retail banking business has 1 million customers. ING said it is currently studying an agreement for its client portfolio with third parties and will continue to provide banking services to its clients. A social plan for bank employees is subject to the approval of the Ministry of Labor. “Upon exiting the retail banking market in France, ING will ensure that our customers are fully supported, continuing to provide all banking services,” the bank said. ING will take a charge in the fourth quarter linked to the decision. ING shares increased by 41.5% in 2021.


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