ING to exit PH retail banking market before the end of 2022

By ICON Staff
Published June 27, 2022

ING announced its plan to leave the retail banking market in the Philippines before the end of the year.

The Dutch multinational bank said its retail business in the Philippines was intended as the foundation for a broader Asia retail banking plan. However, as the bank said n a statement on Friday, “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 entered the Philippines in 1990, serving corporate and institutional clients, and started its retail banking operations in late 2018. As of today, it serves more than 380,000 customers with savings accounts, current accounts, and consumer lending. 

With its looming exit, ING assured Filipino retail customers that they can still access their funds, which it claims will remain safe and secure, and that they will be notified of the changes soon.

Hans Sicat, country head of ING Philippines, added that despite ING’s planned exit, the bank will continue to invest in its wholesale banking business as well as its global shared services operations in the Philippines.

“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 & telecommunications, infrastructure, financial institutions, among other,” said Sicat.

ING Philippines has around 120 employees in both Wholesale and Retail Banking and more than 3,000 employees who provide 24/7 global support services for ING under the IBSS Manila (ING Business Shared Services).