Bank plans to further invest in wholesale banking business and expand its global shared services operations

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ING to leave Philippine retail banking market. (Credit: ING Bank N.V.)

ING announced today that it will leave the retail banking market in the Philippines before the end of 2022. It will, however, continue to invest in its Wholesale Banking business and global shared services operations in the Philippines.

ING’s retail business in the Philippines was intended as the first step and foundation for a broader Asia retail banking plan. Since its launch in 2018, the business has demonstrated good progress, commercial momentum and growth potential. 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 has been present in the Philippines since 1990 serving corporate and institutional clients. It started its retail banking operations in late 2018 which currently serves more than 380,000 customers with savings accounts, current accounts, and consumer lending. ING Philippines has around 120 employees in both Wholesale and Retail Banking.

ING retail customers in the Philippines need not do anything now as there is no change to their accounts. They can continue to access their funds and accounts anytime and their money remains safe and secure. They will be notified soon and can visit www.ing.com.ph for more information.

Hans Sicat, country head of ING Philippines, said: “ING has a history in the Philippines that goes back more than 30 years. In that time, we’ve developed strong and steady partnerships with a number of the country’s largest corporations and financial institutions. We are proud of our leading positions in M&A, corporate advisory and capital markets.

“ING will continue to invest in growing our wholesale banking business to strengthen our position in the country, and we have plans to increase our focus on sustainable finance. Our high-profile hires are steps in this direction. We hope to take advantage of the growth prospects in various sectors like renewable energy, technology, media & telecommunications, infrastructure, financial institutions, among others.”

IBSS Manila (ING Business Shared Services) was established in 2013 with less than 50 employees. Today, it is home to more than 3,000 employees who provide 24/7 global support services for ING in areas such as financial markets, lending services, client due diligence and on-boarding activities, risk management, retail operations, non-financial risk & compliance, and IT. We will continue to invest in our growing position of supporting ING operations in more than 40 markets.

“Extended capabilities and services have driven our growth and development in recent years. We have had to move to bigger premises several times since 2013; and have plans to take up an additional 12 floors in One Ayala Tower 2 in the next few months to accommodate our growing diverse teams as we take on additional projects and services this year and beyond,” said Cees Ovelgonne, CEO of IBSS Manila.

Source: Company Press Release