ING said that BGL BNP Paribas can fulfill their clients’ daily banking needs with its product offerings. Credit: Sergio Delle Vedove/Shutterstock.

ING Luxembourg has formed a referral partnership with BGL BNP Paribas, offering around 18,000 ING customers an alternative solution for their daily banking requirements.

This collaboration follows ING’s strategic decision in May to concentrate its retail banking business on personalised and specialised financial services (personal and private banking) and expand its wholesale banking division.

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The partnership is said to ensure a seamless transition for ING’s clients, offering an easy account opening process and special conditions.

ING has expressed confidence in BGL BNP Paribas’s ability to meet their clients’ everyday banking requirements through its comprehensive product suite, dedicated onboarding programme, and emphasis on digital solutions.

BGL BNP Paribas executive committee chair Beatrice Belorgey said: “I would like to thank the ING teams for their commitment and for the quality of the partnership we are announcing today.

“BGL BNP Paribas’ teams are already mobilized to provide a smooth transition for the concerned ING Luxembourg customers, who will benefit from all BGL BNP Paribas Group services.”

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Clients affected by the ING BGL BNP Paribas agreement need not take immediate action, according to the company.

ING will gradually contact these customers over the next few months, providing instructions on how to access the exclusive BGL BNP Paribas offer until summer 2025. ING will continue to serve these clients in the interim.

ING Luxembourg CEO Michael Burch said: “We are fully confident that BGL BNP Paribas offers the highly regarded services that our clients value.

“We will continue to deliver personalised and specialised services to our Personal and Private Banking clients, and clients with long-term investment needs.”

In September this year, the BNP Paribas European SME Debt Fund III closed at €741m ($821m), exceeding its €600m target. The fund provides secured bullet loans to SMEs and mid-cap companies in Continental Europe.