ING announces exit from French retail banking market
Dutch financial services firm ING has announced it is set to discontinue its French retail banking operations.
Aris Bogdaneris, member of the management board banking and head of retail banking, challengers and growth markets at ING Group, says: “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.”
The company launched ING France in 2000 as an online bank. It currently claims around 1 million customers and provides current accounts, mortgages, consumer lending and investment products.
ING France employs around 700 staff, with 460 people working in retail banking.
The firm says impacted staff have been informed and a “social plan concerning our 460 employees affected has been agreed on with local unions”.
It says its wholesale banking services in the country will continue with the goal to be “the go-to-bank for sustainable finance”.
ING is currently in discussions with third parties as it explores “the feasibility of an agreement for its client portfolio”.
It adds its French retail banking customers will be “fully supported” during the transition and will be individually informed of any new developments.