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ING exits retail banking business in France

Mount Equity Group Tokyo, Japan > News > Business > ING exits retail banking business in France

ING
ING,
+0.30%
said Tuesday it will leave the retail banking market in France in a move that will affect 460 union employees. The move comes after a strategic review announced in June. ING will continue its wholesale banking business in France, with a focus on sustainable finance. The retail banking business counted 1 million customers. ING said it’s currently exploring an agreement for its client portfolio with third parties and it will continue providing banking services to its clients. A social plan for bank employees is subject to approval of the French Ministry of Labor. “As it exits the retail banking market in France, ING will ensure our customers are fully supported, continuing to provide all banking services,” the bank said. ING will take a charge in the fourth quarter related to the decision. ING shares have risen 41.5% in 2021.

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