Manila, Philippines – Dutch multinational banking company ING has announced that it will be exiting the retail banking market in the Philippines by the end of 2022. However, they will still continue their wholesale Banking business, as well as their global shared services operations in the Philippines.
According to their support page, their retail banking exit was brought by uncertain global macro situations in the last few years, leading to ING deciding not to expand the activities to other countries.
ING also said that their retail operations in the Philippines had to be reassessed for its scalability as a standalone business.
“ING’s retail business in the Philippines was intended as the first step and foundation for a broader Asia retail banking plan. Since its launch in 2018, the business has demonstrated good progress, commercial momentum and growth potential,” the company said in their statement.
The banking company assured its customers that there will be no changes to their accounts, and that local users can still continue to access their funds, accounts as well as products and services currently offered by ING through the ING mobile banking app.
However, ING also noted that they will no longer be able to accommodate new account opening requests given the recent announcement. Any pending requests may be cancelled later on. Those accounts that have remained dormant for a longer period of time will be automatically closed, and that transfer of funds externally from the dormant account can be still made via the ING app.
