ING Intends to Leave Czech Retail Banking Market by End of 2021
ING, a pioneer in digital banking and on the forefront being one of the most innovative banks in the world, recently announced its intention to withdraw from the retail banking market in the Czech Republic by the end of 2021. However, ING will remain active in the Czech Republic as a provider of wholesale banking products and services.
In addition, the bank also announced that it has reached agreement with Raiffeisenbank to ensure ING’s customers in the Czech Republic can continue to meet their banking needs. ING customers will receive the option to move their savings and investments to Raiffeisenbank at preferential conditions. The agreement between ING Czech Republic and Raiffeisenbank Czech Republic is pending regulatory approval.
ING has been operated in the Czech retail banking market for more than 20 years, offering savings accounts and mutual funds. Currently ING serves around 375,000 local retail customers. Globally, ING supports more than 39 million retail and wholesale customers in 40 markets.
“We continuously evaluate our activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context we have decided to exit the Czech retail market, sharpening the focus of our business portfolio. We are confident that our customers are well -served by the attractive offer from Raiffeisenbank, which has a proven customer-centric and digital track record,” said Aris Bogdaneris, member of the Management Board Banking and head of Challengers & Growth Markets at ING Group.
Currently the retail operations in the Czech Republic employ approximately 225 FTE. ING will build on its track record in supporting its employees with finding employment outside the bank.
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