ING to leave retail banking market in France
ING announced today that it will leave the retail banking market in France. This decision is the outcome of the strategic review that was announced in June 2021. As announced in June, ING’s Wholesale Banking activities in France will be continued, with a focus on strengthening our position and the ambition to be the go-to-bank for sustainable finance.
ING’s staff in France has been informed today of the outcome of the strategic review. A social plan concerning our 460 employees affected has been agreed on with local unions. The social plan is subject to approval of the French Ministry of Labour.
ING is currently exploring the feasibility of an agreement for its client portfolio with third parties. As the discussions are ongoing no details can be shared at this moment. As it exits the retail banking market in France, ING will ensure our customers are fully supported, continuing to provide all banking services. We will individually inform our customers on developments.
“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,” said Aris Bogdaneris, member of the Management Board Banking, head of Retail Banking and Challengers & Growth Markets.
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.
In connection with the steps announced today, ING will book a restructuring provision in its results for the fourth quarter of 2021.
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ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is empowering people to stay a step ahead in life and in business. ING Bank’s more than 57,000 employees offer retail and wholesale banking services to customers in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).
Sustainability forms an integral part of ING’s strategy, evidenced by ING’s leading position in sector benchmarks.
ING's ESG rating by MSCI was upgraded to 'AA' in December 2020. ING Group shares are included in major sustainability and Environmental, Social and Governance (ESG) index products of leading providers STOXX, Morningstar and FTSE Russell. In January 2021, ING received an ESG evaluation score of 83 ('strong') from S&P Global Ratings.
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