ING Plans to Exit Retail Banking Operations in Austria by End of Year
March 02 2021 - 8:45AM
Dow Jones News
By Adria Calatayud
ING Groep NV said Tuesday that it is reviewing strategic options
for its retail-banking operations in Austria with the aim of
exiting the market by the end of the year, shortly after making a
similar move in the Czech Republic.
The Dutch lender said the review focuses solely on its retail
business, and that it will continue its wholesale banking
activities in Austria. As a first step, ING will discontinue its
savings-only offering for customers in Austria in June.
ING, which has been active in the Austrian retail banking market
since 2003, said its retail operations there employ the equivalent
of around 340 full-time staff.
The bank said the move seeks to sharpen the focus of its
business portfolio, where it can better scale.
ING said on Feb. 18 that it would leave Czech Republic's retail
banking market by the end of the year after two decades of
operations in the country.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
March 02, 2021 08:30 ET (13:30 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
ING Groep NV (EU:INGA)
Historical Stock Chart
From Aug 2024 to Sep 2024
ING Groep NV (EU:INGA)
Historical Stock Chart
From Sep 2023 to Sep 2024