ING quits French retail banking market in strategic overhaul
Dutch financial services company ING today announced it is ditching its French retail banking business, in a move that could jeopardise the jobs of its 460 employees, who were also informed of the move today.
“A social plan concerning our 460 employees affected has been agreed on with local unions,” the group said in a statement.
“The social plan is subject to approval of the French Ministry of Labour.”
ING said it will continue to operate its wholesale banking business in France, and had ambitions to become the “go-to bank for sustainable finance.”
The group also said that it is currently in discussions with other third party companies regarding its French retail banking client portfolio.
French newspaper Les Echos have previously reported that SocGen, Credit Agricole and Credit Mutuel were interested in the assets, but ING did not disclose any more specific information, due to “ongoing” discussions.
The Dutch group will follow today’s decision with a restructuring provision in its results for the fourth quarter of 2021, it added.
ING has around 700 staff in France overall, two thirds of whom work in retail banking.