Banking in Luxembourg: ING stops its retail banking services for individuals

Silent for several days following the announcement of the closure of the accounts of nearly 40,000 customers in Luxembourg, the Dutch bank ING broke its silence in a press release this Wednesday evening. It announced the cessation of “its retail banking services in Luxembourg for individual clients”. It specifies that it is “in the process of informing its customers affected by this decision”.

Customers learned of the news via the app or by viewing operations online. A way of doing things which had been widely criticized. The bank “recognizes having underestimated the impact of communication”. “We are aware that the request to transfer assets to another bank has caused frustration for our customers. In order to support them as best as possible, we have put in place additional measures with immediate effect,” said Michael Burch, CEO of ING in Luxembourg.

The number of employees in the agencies in Esch-sur-Alzette, Ettelbruck, Strassen and Luxembourg-Gare has been increased “to answer questions and explain the account transfer process”. A special section has been created on the ing.lu website with information on the account closure process and answers to frequently asked questions.

While the procedure normally provides for the blocking of the account after two months’ notice, “we will ensure that they remain accessible in order to allow our customers to take the necessary measures,” he added.

“We constantly evaluate our activities, including whether they are likely to achieve the desired scale in the market within a reasonable time frame. We have come to the conclusion that there is no sustainable growth possible in the near future for ING in Luxembourg in retail banking for individual clients,” explained the CEO.

On the other hand, ING “continues to serve all its customers with housing loans, credits and/or investment portfolios,” she stressed. By abandoning its retail banking offering, it wishes to “refocus on the development of its Wholesale Banking and Private Banking activities”.

In its press release, the bank does not specify the consequences on employment of the reorientation of its strategy.

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