ING leaves retail banking in France

Dutch bank ING announced on Tuesday that it was abandoning retail banking in France. Approximately 460 positions will be cut.

Dutch bank ING announced on Tuesday that it was abandoning retail banking in France. The group, which offers online banking services in France, specifies that approximately 460 positions will be affected by a social plan.

“This decision is the conclusion of a strategic review carried out since June 2021”, indicates the group in a brief press release, which nevertheless specifies that “ING’s corporate and investment bank (Wholesale Banking) maintains its activities in France with the aim of consolidating its position on the market”.

Three candidates

In addition, “ING is currently studying with third parties parties the possibility of concluding an agreement concerning its client portfolio. As discussions are ongoing, no further information can be given on this subject at this time “. “Customers continue to benefit from the usual online banking services. Customers and partners will be informed individually before any change concerning products and services,” the bank continues.

Three candidates have submitted an offer to take over the customer portfolio of online banking, which claims a million customers in France: Crédit mutuel Arkéa and Crédit mutuel Alliance Federal and especially Boursorama.

A subsidiary of Societe Generale, the interest is clear: the bank has set itself the objective of winning over 4 million customers from here 2023. Getting hold of ING’s million customers, even if all of them are far from being active, would allow it to reach its objective one year in advance.

Above all, analysts point out that Boursorama has a clientele quite similar to that of ING, namely people who are rather wealthy and used to online banking. This would allow him to avoid a customer leak. According to the latest information, Societe Generale was ready to buy back the entire portfolio (savings, current accounts, life insurance, etc.) with the exception of mortgage loans. However, it is indeed the entire portfolio that ING would like to sell.