Is this the end of an era? The Dutch institution ING, a pioneer of online banking, which arrived in France in 2000 to carve out croupiers for French establishments, by launching a savings book with very attractive remuneration, seems to want to throw in the towel. In a press release published on Thursday, June 17, the banking group announced “That it conduct a strategic review of its retail banking activities in France”, which will not concern “ING’s wholesale banking activities”, intended for companies, in France.
The group, which claims “Around 1 million customers” (current accounts, mortgage loans, consumer loans and investment products) in France, has some 700 employees, two-thirds of whom work in retail banking. “The decision to conduct a strategic review was taken because of the difficulties associated with the current economic context, and in particular the low interest rates, the negative financial results recorded by online banking in recent years and its market share. relatively limited “, explains an ING spokesperson in France.
ING does not specify its intentions at this stage. “The strategic review begins and no decision has been taken”, continues this manager, referring to “A clearer vision for management in a few months”. The group’s press release does not bode well, however: “Whatever the outcome of the strategic review”, it will be carried out “In accordance with the social and regulatory legislation in force”, he indicates, taking into account “The best interests of our customers and our employees”.
Other restructurings are underway
Almost two years ago, another international bank, HSBC, also launched a “strategic review” of its retail banking business in France. To establish itself there, also in 2000, the Sino-British giant had bought at a price of gold (11 billion euros) the Crédit commercial de France (CCF), a high-end brand, whose head office shone on the Champs-Elysées, in Paris. After looking in vain for a buyer in the banking sphere, HSBC is finally preparing to sell its French subsidiary to the American investment fund Cerberus, which should cash a large check in passing to take charge of the upcoming restructuring of the fallen bank. .
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