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 at ING Group.
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 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.