PARIS (Agefi-Dow Jones) – Dutch bank ING announced on Tuesday that it was ending its retail banking activities in France in order to focus on large client banking.
“ING staff in France were informed today of the results of the strategic review [des activits de banque de dtail, ndlr]. A social plan covering our 460 affected employees has been agreed with the unions. This social plan is subject to the approval of the French Minister of Labor, “the bank said in a press release.
In June, the bank launched a strategic review of these activities, which employ 460 people out of a total of 700 ING employees in France. Present since 2000 in retail banking in France, ING offers current accounts, real estate loans, consumer loans and investment products to around 1 million customers of its online banking.
The group said it would continue to provide all banking services to those affected. ING is also studying the feasibility of an agreement with third parties concerning its client portfolio.
“Discussions are underway and no details can be communicated for the moment,” he added.
“We have decided to withdraw from the French retail banking market, focusing our portfolio on activities where we can benefit from a sizeable effect,” said Aris Bogdaneris, member of the ING management committee, responsible retail banking and growth markets.
Following this decision, the group plans to make a restructuring provision in its accounts for the fourth quarter, the amount of which it has not specified.
-Franois Schott, Agefi-Dow Jones; 01 41 27 47 92; [email protected] ed: VLV
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December 21, 2021 07:20 ET (12:20 GMT)