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Online banking: ING withdraws from France

2021-12-21T13:13:27.768Z

It will nevertheless retain its corporate and investment banking activities. Societe Generale acts as the favorite contender.



Dutch bank ING on Tuesday announced the withdrawal of its online banking activity in France, where it was one of the oldest in operation, and the elimination of around 460 jobs.

"

This decision is the conclusion of a strategic review carried out since June 2021

", explains the establishment in a press release, specifying that it will maintain its corporate and investment banking activities, "

with the objectives of consolidating its position on the market and its positioning as a benchmark bank in sustainable finance

”.

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The end of this activity could lead to the sale of the client portfolio in France, ING confirming the rumors which had been running for several weeks.

"

Discussions are underway, no other information can be given on this subject for the moment,

" said the bank.

Multitude of candidates

According to information published recently in the press, Societe Generale is a favorite in the recovery, while Crédit Mutuel Arkéa and Crédit Mutuel Alliance Fédérale, the two enemy brothers of the mutualist group, have also expressed their interest.

By buying back the portfolio, ie “

around one million customers

”, each could accelerate the development of their online banking: Boursorama for Societe Generale, Monabanq for Crédit Mutuel Alliance Fédérale and Fortuneo for Arkéa, even if concerning the latter, the establishment would no longer really be in the race, according to a source familiar with the matter.

Read alsoReal estate loan: Crédit Mutuel removes the health questionnaire

ING also announced that an agreement with the unions had been signed concerning the accompanying measures for a plan to safeguard employment, which will lead to “

around 460 job cuts

”.

ING online banking has been present in France since 2000, making it one of the pioneers in this sector which has seen the number of players multiply in recent years.

Source: lefigaro

All business articles on 2021-12-21

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