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ING to Exit Retail Banking in the Philippines. What Should Account Holders Do Now?

Here's what's next.
IMAGE SHUTTERSTOCK

Dutch multinational banking and financial services corporation ING announced on Friday, June 24, that it will leave the retail banking market the country by the end of 2022. In a statement, the bank said it plans to instead invest further in the wholesale banking business and expand its global shared services operations.

“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," said ING Philippines Country Head Hans Sicat. "Our high-profile hires are steps in this direction.

He continued: "We hope to take advantage of the growth prospects in various sectors like renewable energy, technology, media & telecommunications, infrastructure, financial institutions, among others." 

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Originally, ING's retail business was supposedly the first step and foundation for a broader Asia retail banking plan after launching in 2018. It had made great strides over the past four years, growing in commercial momentum. But the recent uncertain global macro situation has prompted ING to stop expanding its activities to other countries. Its standing and scalability as a standalone business in the Philippines was reassessed, as well.

Since 1990, ING has been serving corporate and institutional clients and has around 120 employees in both wholesale and retail banking. But it only started its retail banking operations in late 2018. They currently serve more than 380,000 customers with savings accounts, current accounts, and consumer lending.

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“ING has a history in the Philippines that goes back more than 30 years. In that time, we’ve developed strong and steady partnerships with a number of the country’s largest corporations and financial institutions. We are proud of our leading positions in M&A, corporate advisory, and capital markets," Sicat added.

For now, ING retail customers in the Philippines aren't advised to do anything because are no changes to be made to their accounts. They may still continue to safely and securely access their funds and accounts. A notification will be send out soon of the recent development and next steps.

ING's announcement follows the one of another global financial giant--Citi--which also announced the exit of its retail banking business in the Philippines in April last yeat.

Visit www.ing.com.ph/support/faq/ING-Philippines-Retail-Exit for more information. For security and safe online banking tips, go to www.ing.com.ph/security.

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