ING will end its retail banking activities in the Philippines by the end of the year
Dutch financial services company ING has announced plans to end its retail banking operations in the Philippines before the end of 2022.
The news follows the company’s decision to end its retail banking business in France in December last year.
ING launched its retail business in the Philippines in 2018 and has been present in the country since 1990, serving corporate and institutional clients.
Its retail banking operations in the country were intended to lay the groundwork for broader expansion across Asia.
However, the company states that “the uncertain global macroeconomic situation in recent years has led ING not to expand its business to other countries, which has meant that retail operations in the Philippines have had to be reassessed for scalability. as a stand-alone business. Business”.
The decision comes as the company shows “good progress, commercial momentum and growth potential” and has more than 380,000 customers.
Hans Sicat, Country Head of ING Philippines, said: “ING will continue to invest in growing our wholesale banking business to strengthen our position in the country, and we intend to focus more on sustainable finance.
The company says retail customers in the country “don’t have to do anything now as there are no changes to their accounts”, adding that they will be notified of the next steps.
“They can continue to access their funds and accounts at all times and their money stays safe.”