ING to leave Czech retail banking market by end 2021
ING announced today that it will leave the Czech Republic retail banking market by the end of 2021. The decision to withdraw from this market was taken in light of economic headwinds and limited customer growth potential.
ING will continue its Wholesale Banking activities in the Czech Republic, which remains an integral part of the WB EMEA network.
ING has been present in the Czech retail banking market for more than 20 years, offering savings accounts and mutual funds. It currently serves around 375,000 retail customers.
To ensure these customers can continue to meet their banking needs, ING has reached an agreement with Raiffeisenbank Czech Republic to offer them a preferential rate to move their savings and investments (subject to regulatory approval).
“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 Czech retail market, sharpening the focus of our business portfolio,” said Aris Bogdaneris, member of ING’s Management Board Banking and head of Challengers & Growth Markets.
“We are confident that our customers are well -served by the attractive offer from Raiffeisenbank, which has a proven customer-centric and digital track record,” he said.
ING continuously evaluate its activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context it was decided to withdraw from the Czech retail market, sharpening the focus of its business portfolio.