ING has announced that it has decided to exit the retail banking market in the Philippines before the end of 2022 but will continue its Wholesale Banking business and global shared services operations in the country.
According to ING, the “uncertain global macro situation in the last few years” led the company to decide not to expand activities to other countries. It also re-assessed its retail operations in the Philippines for its scalability as a standalone business.
ING assures its customers that their money is safe and is readily accessible during this time. There will be no change to customers’ ING accounts but will inform them of any changes that will impact the accounts via the ING app and SMS.
ING Philippines debuted in the country in 2019, calling itself the first fully digital retail bank in the Philippines. It allowed customers to open an account from the app without a minimum amount and offers mobile check deposits and money transfers.
The first of many to come..