ING to Exit Czech Republic's Retail Banking Market in 2021, Cutting 225 Jobs
February 18 2021 - 8:48AM
Dow Jones News
By Sabela Ojea
ING Groep NV said Thursday that it is leaving Czech Republic's
retail banking market by the end of the year after two decades of
operations in the country, and that Raiffeisenbank Czech Republic
has agreed to prepare a welcome offer to the customers affected by
this decision.
The Dutch bank said around 225 employees will lose their
jobs.
Raiffeisenbank will send its invitation to its 375,000 local
retail customers in March, ING said.
ING said that it will remain active in the Czech Republic as a
provider of wholesale banking products and services.
"The agreement with Raiffeisenbank has been secured to ensure
ING's customers in the Czech Republic can continue to meet their
banking needs. ING customers will receive the option to move their
savings and investments to Raiffeisenbank at preferential
conditions," ING said. The deal is pending regulatory approval, it
said.
Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix
(END) Dow Jones Newswires
February 18, 2021 08:33 ET (13:33 GMT)
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