Resident Weekly

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ING leaving the Philippine retail banking market before the end of 2022

Dutch multinational bank ING on Friday, June 24, declared that it would leave the retail banking market in the Philippines before the finish of 2022, refering to uncertainties in the global economy.

ING expressed setting up its retail business in the Philippines in 2018 was planned to be the foundation for more extensive plans in Asia.

“However, the 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,” ING said in a statement.

It presently serves nearly 380,000 clients with savings accounts, current accounts, and consumer lending.

ING guaranteed retail clients that they might in any case get to their funds and accounts and their cash stays secure. They will be advised soon and can visit the bank’s website for more data.

Hans Sicat, country head of ING Philippines, said they will keep on investing in their wholesale banking business, reinforcing its situation in the nation and proceeding with its global shared services operations.

“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 and telecommunications, infrastructure, financial institutions, among others,” he said.

ING’s Business Shared Services, which supports different units worldwide, has exactly 3,000 representatives. Its wholesale and retail banking business employs 120 individuals.

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