ING to exit PH retail banking business before end-2022

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Photo from ing.com.ph

Metro Manila (CNN Philippines, June 24) — ING will leave the Philippine retail banking market before yearend amid uncertainty surrounding the global economy, it announced Friday.

“[T]he uncertain global macro situation in the last few years led to ING deciding not to expand the activities to other countries, which meant that the retail operations in the Philippines had to be re-assessed for its scalability as a standalone business,” the Dutch banking giant said in a blog post.

It began its retail banking operations in the country in late 2018 and currently serves over 380,000 customers with savings accounts, current accounts, and consumer lending.

“ING retail customers in the Philippines need not do anything now as there is no change to their accounts. They can continue to access their funds and accounts anytime and their money remains safe and secure,” the post read.

Clients may continue transferring out funds anytime through the app and will be informed of any changes that may affect their accounts, ING added.

The company also assured it will continue investing in its wholesale banking business and global shared services operations in the country. ING has been in the Philippines since 1990, catering to corporate and institutional clients.

“Our high-profile hires are steps in this direction. We hope to take advantage of the growth prospects in various sectors like renewable energy, technology, media & telecommunications, infrastructure, financial institutions, among others,” said ING Philippines country head Hans Sicat, who also bared plans to increase their focus on sustainable finance.

ING Philippines has about 120 employees in both Wholesale and Retail Banking, it noted.

The announcement of ING’s exit comes over a year after American banking giant Citi confirmed its departure from the country’s consumer banking market. By December, UnionBank announced it will be acquiring Citi's consumer banking business.