RTTNews | Dec 21, 2021 06:46AM EST

06:46 Tuesday, December 21, 2021 (RTTNews.com) - ING said that it will exit the Retail Banking market in France. The decision is the outcome of the strategic review that was announced in June 2021. ING will book a restructuring provision in its results for the fourth quarter of 2021.

As previously announced in June, ING's Wholesale Banking activities in France will be continued.

ING said Tuesday that it has informed the outcome of the strategic review to its staff in France. A social plan concerning 460 employees affected has been agreed on with local unions. The social plan is subject to approval of the French Ministry of Labour.

ING has been active in the French retail banking market since 2000 as an online bank. ING France currently serves around 1 million customers, offering current accounts, mortgages, consumer lending and investment products. ING France has around 700 employees, of which two-thirds work in Retail Banking.

ING noted that it is currently exploring the feasibility of an agreement for its client portfolio with third parties.

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