Dutch lender ING is set to divest its retail banking operations in Austria following the completion of a strategic review.
bank99, a banking unit of Austrian postal services, has agreed to acquire the business for an undisclosed sum. The agreement is subject to approval by relevant regulators.
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The move will involve transferring around 150,000 customers with current accounts, mortgages or consumer loans as well as other assets to bank99.
The new ownership will also assume all ING’s retail staff in Austria.
The transfer is expected to commence in the upcoming months and finalised in the last quarter of this year.
ING Management Board Banking member and Retail Banking and Challengers & Growth Markets head Aris Bogdaneris said: “We are happy that in bank99 we have found a partner that offers a new home to our Retail customers in Austria. Bank99 is focused on digital banking and therefore our customers will enjoy easy to use banking services.”
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By GlobalDataIn March this year, ING first announced plans to withdraw from the Austrian market. Soon after, the company initiated a strategic review of the retail banking business.
However, the Dutch lender will retain its Wholesale Banking activities in Austria.
ING is also considering strategic options for its retail banking business in France. The lender serves around 1 million customers in the country.
