ING Plans to Exit Retail Banking Operations in Austria by End of Year

   By Adria Calatayud 
 

ING Groep NV said Tuesday that it is reviewing strategic options for its retail-banking operations in Austria with the aim of exiting the market by the end of the year, shortly after making a similar move in the Czech Republic.

The Dutch lender said the review focuses solely on its retail business, and that it will continue its wholesale banking activities in Austria. As a first step, ING will discontinue its savings-only offering for customers in Austria in June.

ING, which has been active in the Austrian retail banking market since 2003, said its retail operations there employ the equivalent of around 340 full-time staff.

The bank said the move seeks to sharpen the focus of its business portfolio, where it can better scale.

ING said on Feb. 18 that it would leave Czech Republic's retail banking market by the end of the year after two decades of operations in the country.

Write to Adria Calatayud at [e-mail]

(END) Dow Jones Newswires

March 02, 2021 08:30 ET (13:30 GMT)

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