ING to Transfer Austrian Banking Operations to Bank99

By Anthony O. Goriainoff

ING Groep NV said late Monday that it will transfer banking operations, staff and customers in Austria to Bank99, after reaching an agreement with the bank of Osterreichische Post, the Austrian postal services.

The Dutch lender, which will retain its wholesale-banking activities in Austria, said Bank99 will acquire all retail staff and assets as well as its approximately 150,000 customers with current accounts, mortgages or consumer loans.

The company said the process, which is subject to approval by regulators, is expected to be finalized in the final quarter of 2021.

The company said in March that it was 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.

"We are happy that in bank99 we have found a partner that offers a new home to our Retail customers in Austria. Bank99 is focused on digital banking and therefore our customers will enjoy easy to use banking services," the company said.

Write to Anthony O. Goriainoff at [e-mail]

(END) Dow Jones Newswires

July 13, 2021 01:21 ET (05:21 GMT)

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