ING Bank announced on June 24 that it is leaving the retail banking market in the Philippines.
The Netherlands-based firm, whose retail banking operations started in late 2018, said that it will leave the retail banking market (deposits and loans) and decommission its mobile banking app at the end of the year. They will, however, retain their wholesale banking business and further expand their global shared services in the country.
“ING will continue to invest in growing our wholesale banking business to strengthen our position in the country, and we have plans to increase our focus on sustainable finance. 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, and financial institutions, among others,” said Hans Sicat, country head of ING Philippines,
ING assures its customers that their money and accounts are safe and still accessible. They also said that they’re planning a new app feature to help account holders to transfer their funds and close their accounts.
For more information about ING Bank’s retail exit, you can visit their FAQ page here.