ING to exit PH retail banking market

·1 min read

ING Philippines has announced that it will exit the country’s retail banking market before the end of 2022.

The Dutch banking giant assured its clients that their accounts and money are secured and they will be notified for further updates.

It added that account holders could still continue to access and transfer their money or use its products and services anytime via the use of its mobile application.

ING cited the “uncertain global macro situation” over the past few years as the main reason why it opened not to continue its expansion to other countries.

It was in 2018 when ING launched its retail business in the Philippines, as part of its broader Asia retail banking plan.

Since the launching, the bank saw progress and growth potential over the years.

Despite its exit, ING said it plans to continue its investment in the wholesale banking business and global shared services operations in the Philippines.

Hans Sicat, country head of ING Philippines, said in a statement that “ING will continue to invest in growing our wholesale banking business to strengthen our position in the country, and we have plans to increase our focus on sustainable finance.”

The bank is under the supervision of the Bangko Sentral ng Pilipinas and a member of the Philippine Deposit and Insurance Corp.

ING has been present in the Philippines since 1990 serving corporate and institutional clients. It started its retail banking operations in late 2018 which currently serves more than 380,000 customers with savings accounts, current accounts, and consumer lending.

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