ING to exit PHL retail banking market before end-2022

The Netherlands-based ING Bank is set to close down its retail banking services in the Philippines before the end of the year.

In a statement on Friday, the bank said its retail business in the Philippines was intended as the foundation for a broader Asia retail banking plan, but "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."

However, it clarified that its wholesale banking business and global shared services operations will continue.

“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,” Hans Sicat, country head and managing director of ING Philippines, said in a statement.

“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, and financial institutions, among others,” he added.

The bank management said it would soon notify its retail customers of the planned exit and assured them that their funds would remain secure and that they could still access them at anytime.

ING started retail banking operations in the country in late 2018. It currently has over 380,000 customers with savings accounts, current accounts, and consumer lending. —VBL, GMA News