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ING to exit PHL retail banking business by this year - BusinessWorld Online

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ING BANK N.V.-Manila will leave the Philippine retail banking market before 2022 ends, just about three years after its foray into the space, due to uncertain global conditions that affected its operations in the country. READ:

source: https://bit.ly/2GswBI6

“However, the uncertain global macro situation in the last few years led to ING deciding not to expand the activities to other countries, which meant that the retail operations in the Philippines had to be re-assessed for its scalability as a standalone business,” ING Bank added. Still, ING Bank said it will retain its wholesale banking business and global shared services operations in the Philippines.

ING Bank has been operating in the Philippines as a wholesale lender since 1990 and entered the retail banking business in late 2018. It launched an all-digital savings bank platform in early 2019. ING Bank was the 32nd biggest commercial lender in the country in asset terms with P31.46 billion at end-2021.

 

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