ING has officially announced that it will leave the retail market in the Philippines before the end of 2022. The bank, however, will still continue its Wholesale Banking business and global shared services operations in the Philippines.
ING’s entry in the Philippines was intended as the first step and foundation for a broader Asia retail banking plan. The uncertain global macro situation in the last few years led ING to discontinue their plans of expansion. This means that its retail operations in the Philippines had to be re-assessed for its scalability as a standalone business.
The bank reiterates that its retail customers don’t need to do anything as of now since there are no changes in their accounts. They can continue to access their funds and accounts. Account holders will be notified soon about the bank’s plans in the near future. Its mobile banking app will be decommissioned before the end of 2022.
ING started operations in the Philippines in 1990 serving corporate and institutional clients. Its retail banking operations, however, began in late 2018 and currently serves more than 380,000 customers with savings and current accounts, as well as consumer lending. The bank has around 120 employees in both wholesale and retail banking.
“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, financial institutions, among others,” says Hans Sicat, country head of ING Philippines.
Account holders may visit ING’s website for more information about their retail exit in the Philippines.