ING leaves the French online banking market

After one “strategic review” months, the Dutch ING announced that it would withdraw from the online banking market in France. Three “third parties” would be in the running to take over the million customers of ING France.

Present in France since 2000, the online bank ING France, a subsidiary of the Dutch ING, announced Tuesday December 21, 2021 that it was withdrawing from the French market. A decision that follows a “strategic review conducted since June 2021” and which leads to the elimination of some 460 positions after the signing of an agreement with the representative trade unions, according to a press release. ING retains its corporate and investment banking activities.

In addition, the establishment indicates that it is studying the possibility of “to conclude an agreement concerning its client portfolio”, made up of approximately 1 million people, with third parties. “No other information can be given on this subject at the moment”, continues ING.

According to The echoes, Société Générale, Crédit Mutuel Arkéa and Crédit Mutuel Alliance Fédérale have submitted offers to acquire the portfolio of ING France clients. Such an operation would allow them to expand their customer base for their own online banking activities: Boursorama (Société Générale), Fortuneo (Crédit Mutuel Arkéa) and Monabanq (Crédit Mutuel Alliance Fédérale).

For now, ING France customers “continue to benefit from the usual online banking services” and will be “individually informed before any change concerning products and services”, adds the press release.

ING France online banking accounts for nearly two-thirds of the 700 employees of ING’s overall activity in France.