ING Groep NV (NYSE: ING) agreed with bank99 to transfer its Retail Banking operations to the latter.
Deal to be completed by last quarter of 2021
The contract follows an evaluation of planned opportunities for ING’s Retail Banking processes in Austria, as announced in March 2021. ING will keep its Wholesale Banking actions in Austria. Bank99 was launched in 2020 and presently bids online banking to 80,000 clients. As announced in March, ING stopped its savings-only posing in Austria.
The 150,000 clients with current accounts, advances, or customer advances will be onboarded to bank99, which will also procure all Retail staff and possessions. The procedure will start in the coming months and is expected to be concluded in the last quarter of 2021.
“We are content that in bank99 we have found an associate that bids a new home to our Retail clients in Austria. Bank99 is engrossed on digital banking and therefore our clienteles will enjoy relaxed to practice banking facilities,” said Aris Bogdaneris, head of Retail Banking and Challengers & Growth Markets and member of ING’s Management Board Banking. The contract announced is subject to authorization by pertinent watchdogs.
ING to conduct a strategic review of its Retail Banking Business in France
In other news, ING announced that it is shepherding a tactical appraisal of its Retail Banking business in France. The appraisal is fixated entirely on the Retail Banking business and not on ING’s Wholesale Banking undertakings in France.
ING has been functioning in the French retail banking marketplace since 2000 as an online bank and presently attends about 1 million clients, posing current accounts, advances, consumer advancing, and speculation products.
ING France has around 700 personnel, of which two-thirds work in Retail Banking. Globally more than 57,000 ING personnel oﬀer Retail and Wholesale Banking services to clientele in over 40 nations.