ING to leave the French retail banking market, jobs threatened

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The logo of the ING bank can be seen at the entrance to the group’s headquarters in Brussels on November 6, 2013. REUTERS / Francois Lenoir

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PARIS, Dec.21 (Reuters) – Dutch financial services firm ING (INGA.AS) will be exiting retail banking activities in France, it said on Tuesday, which could affect 460 employees.

ING added that discussions were continuing with other companies regarding its portfolio of retail banking clients in France. French newspaper Les Echos previously reported that SocGen (SOGN.PA), Crédit Agricole (CAGR.PA) and Crédit Mutuel were interested in the assets.

“ING staff in France were informed today of the results of the strategic review. A social plan concerning our 460 employees concerned has been agreed with the local unions. The social plan is subject to the approval of the French ministry of Work, ”said ING.

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The company said it would continue to operate its wholesale banking business in France.

ING France has around 700 employees in total, two-thirds of whom work in retail banking.

The Dutch company said its decision to exit the French retail banking market would result in a restructuring provision in its fourth quarter 2021 results.

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Reporting by Sudip Kar-Gupta Editing by David Goodman

Our Standards: Thomson Reuters Trust Principles.


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