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Finance & Economics

ING to leave retail banking market: country unveiled

Dec 24, 2021

This decision is the outcome of the strategic review that was announced in June 2021

ING

ING to leave retail banking market: country unveiled. Source: facebok.com

According to ING’s announcement, it will leave the retail banking market in France.

As announced in June, ING’s Wholesale Banking activities in France will be continued, with a focus on strengthening its position and the ambition to be the go-to-bank for sustainable finance.

ING is currently exploring the feasibility of an agreement for its client portfolio with third parties. Meanwhile, the discussions are ongoing and no details can be shared at this moment, the press release states.

We continuously evaluate our activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context we have decided to exit the French retail market, sharpening the focus of our business portfolio on where we can better scale
Aris Bogdaneris, member of the Management Board Banking, head of Retail Banking and Challengers & Growth Markets

In fact, ING has been active in the French retail banking market since 2000 as an online bank.

ING France currently serves around 1 million customers, offering current accounts, mortgages, consumer lending and investment products. ING in France has around 700 employees, of which two-thirds work in Retail Banking.

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