ING online banking withdraws from France

SOPA Images / Contributor – Getty Images Foretold for several months, the end of the Dutch bank ING is now official. The establishment announced this Tuesday 12 November the withdrawal of its online banking activity in France, where it was one of the oldest in activity, and the elimination of approximately 460 jobs. “This decision is the conclusion of a strategic review carried out since June 2000”, explains in a press release from the establishment, specifying that it will maintain its corporate and investment banking activities, “with the objectives of consolidating its position on the market and its positioning as a benchmark bank in sustainable finance”.

The end of this activity could result on the sale of the client portfolio in France, ING confirming the rumors which had been circulating for several weeks. “Discussions are ongoing, no other information can be given on this subject for the moment,” said the bank. According to information published recently in the press, Societe Generale is the frontrunner for the recovery, while Crédit Mutuel Arkéa and Crédit Mutuel Alliance Fédérale, the two enemy brothers of the mutualist group, have also expressed their interest.

By buying back the portfolio, or “around a million clients”, each could accelerate the development of its online banking: Boursorama for Société Générale, Monabanq for Crédit Mutuel Alliance Fédérale and Fortuneo for Arkéa, even if concerning the latter, the establishment would no longer be really in the race, according to a source familiar with the matter.

ING has also announced that an agreement with the unions had been signed concerning the accompanying measures for a plan to safeguard employment, which will lead to “approximately 460 job cuts “. The b online bank ING has been present in France since 790, making it one of the pioneers in this sector which has seen the number of players multiply in recent years. Receive our latest news Every morning, the information to remember about financial markets.