ING Bank Announces Exit from PH Retail Banking

ING Bank will be closing down its retail banking operations in the Philippines by the end of the year. Through this move, the Dutch financial institution prepares to divert more focus on its wholesale banking business. ING Bank’s presence in the country was intended to be a stepping stone to expanding its retail banking in Asia.

The bank’s Philippine operations proved to be promising. It reported good progress, commercial momentum, and growth potential. 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,” it noted.

ING established its retail banking in the country in 2018, which has since grown to serve 380,000 customers. Additionally, ING Philippines employs around 120 workers across its wholesale and retail banking operations. Despite the announcement, the bank assured that there will be no changes to the accounts of its consumers. Hence, retail clients will still be able to access their funds while their money remains secure. But, it aims to put more emphasis on wholesale banking, among other areas, moving forward.

“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. Our high-profile hires are steps in this direction,” explained ING Philippine country head Hans Sicat. “We hope to take advantage of the growth prospects in various sectors like renewable energy, technology, media and telecommunications, infrastructure, financial institutions, among others.”

The Dutch-based bank has, likewise, been serving corporate and institutional clients in the Philippines since 1990. Over those 30 years, ING maintained that it has fostered strong relationships with some of the country’s largest corporations and financial institutions. “We are proud of our leading positions in M&A (mergers and acquisitions), corporate advisory, and capital market,” added Sicat

Source: Inquirer