Brexit: Commitment to clients does not change – Wilfred Nagel
24 June 2016
ING Chief Risk Officer Wilfred Nagel
Despite the UK voting to leave the European Union, ING’s commitment to clients will not change said ING’s Chief Risk Officer Wilfred Nagel.
Commenting on the historic Referendum outcome that saw 52 percent of people vote in favour of leaving the EU, Nagel said the decision by voters is respected but does not change ING’s support for impacted clients.
“In the immediate future, we see no required changes to our activities,” he said.
ING has operations in the UK that primarily focus on providing industry sector lending to clients. Some 600 employees are based in ING’s London office.
“Our Wholesale Banking business in the UK serves clients from around the world not just the UK,” he said.
Closely monitor
Nagel said ING will closely monitor the terms of the exit as they develop and their effect on our clients' businesses as well as our own.
“We will advise our clients on a one-to-one basis on what this means for their financial operations. As ever, we will be guided by the needs and requirements of our clients - including the jurisdiction from where they wish to be served.”
Nagel did acknowledge however that the path ahead following the decision is unclear and uncertainty is likely to have a negative influence on business and the economy as a whole.
This point was re-enforced by one of ING’s London-based economists James Knightley who said financial markets have reacted very negatively with sterling collapsing and risk assets plunging globally.
“The economic and political implications are likely to be even greater for the UK and Europe with years of uncertainty ahead,” he said.
More details in this “Britain backs Brexit” report from our economic department.