The Dutch bank will remove 460 positions and is currently discussing with banking competitors, including Boursorama, the recovery of its client portfolio.
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The Dutch Ing group had established itself in France in 2000 with the ambition to compete with the networks of aging agencies and in a hurry to participate in the Internet revolution. First Online Bank of the Hexagon, wearing a call product An orange savings booklet with very attractive compensation, ING Direct has contributed to the modernization of the banking sector. After twenty-one years of losses, Ing, however, decided to leave the online bank market in France, as it announced on Tuesday, December 21 in a statement.
This fold is not a surprise. In June, the financial institution had launched a strategic review of its retail banking activities in France. A decision “taken due to the difficulties related to the current economic context, and in particular the weak interest rates, negative financial results recorded by the online bank in recent years and its relatively limited market share,” had explained. Ing.
In addition to the online bank, the establishment also carries out a financing and investment bank activity, which it will keep. While the French branch today has seven hundred collaborators, ING will set up a job backup plan (PES) about “about four hundred and sixty job cuts”.
“Employees will gradually leave the company from March 2022,” says a spokesperson. The time for ING to find a buyer for some one million customers of his online bank. “Customers continue to benefit from the usual online banking services,” he says. Clients and Partners will be informed individually prior to any change in products and services. “
A hyperconcurrent market
Several banks looked at the file, including the Federal Alliance Mutuel Crédit, which did not apply. Boursorama, the online branch of Société Générale, never hidden its interest in this portfolio of customers judged interesting. Because they have subscribed to ING for real estate loans, life insurance, invested on the stock market or open savings booklets, they are much less volatile than those recruited by other neobanks. “Customers who look like ours”, summarizes a leader. “Boursorama will probably recover, whatever the outcome of this file, customers!”, Said Tuesday, December 21, Frédéric Oudéa, the boss of Societe Generale, in an interview at the Tribune.
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