ING pulls back from the Philippine retail banking market

Over 380,000 clients are expected to be affected once they leave the market by end of the year.

Dutch banking giant ING is leaving the Philippine retail banking market before the end of 2022.

ING cited the “uncertain global macro situation in the last few years” as the primary reason that led to it decision to pull back from expanding activities in other countries, the Philippines included.

As of the time of announcement, ING has over 380,000 customers with savings accounts and current accounts, and is availing its consumer lending services in the Philippines.

The bank will continue its wholesale banking business and global shared service operations in the country. 

ING launched its retail business in the country in 2018, and was intended as the first step and foundation for a broader Asia retail banking plan. The bank has been present in the Philippines since 1990, serving corporate and institutional clients.

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In its press announcement, ING assured retail customers in the Philippines need not do anything now as there is no change to their accounts. They can continue to access their funds and accounts anytime and their money remains safe and secure. They will reportedly be notified soon and can visit www.ing.com.ph for more information.