Dutch multinational lender ING has initiated a strategic review of its retail banking business in France.
The move comes at a time when the lender has been reducing its brick-and-mortar presence and plans to focus on businesses when it can scale.
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According to an ING statement, the strategic review will only focus on its retail banking business in the country. ING’s Wholesale Banking activities in France will be outside its purview.
“Any potential outcome of the review of ING’s Retail Banking business in France would be carried out in accordance with the social and regulatory legislation in force, taking into account the best interests of our customers, employees and other stakeholders,” the statement added.
Notably, ING has been operating in the French retail banking space since 2000 as an online bank.
The lender currently serves around 1 million customers.
The scope of services includes current accounts, mortgages, consumer lending and investment products.
Overall, ING France employs around 700 staff, of which two-thirds work in retail banking unit.
In March, the Danish lender announced plans to withdraw from Austria retail banking market by the end of this year. It is also expected to shut down 69 branches amid increase in online banking.
ING Bank offers retail and wholesale banking services in more than 40 countries. Globally, it employs around 57,000 people.
