MANILA, Philippines – Dutch multinational bank ING on Friday, June 24, announced that it would leave the retail banking market in the Philippines before the end of 2022, citing uncertainties in the global economy.
ING said setting up its retail business in the Philippines in 2018 was intended to be the foundation for broader plans in Asia.
“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,” ING said in a statement.
It currently serves some 380,000 customers with savings accounts, current accounts, and consumer lending.
ING assured retail customers that they could still access their funds and accounts and their money remains secure. They will be notified soon and can visit the bank’s website for more information.
Hans Sicat, country head of ING Philippines, said they will continue to invest in their wholesale banking business, strengthening its position in the country and continuing its global shared services operations.
“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, financial institutions, among others,” he said.
ING’s Business Shared Services, which supports other units globally, has some 3,000 employees. Its wholesale and retail banking business employs 120 people. – Rappler.com