© Reuters. FILE PHOTO: The logo of ING bank is seen at the entrance of the group’s main office in Brussels November 6, 2013. REUTERS/Francois Lenoir
PARIS (Reuters) -Dutch financial services company ING will quit the French retail banking business, it said on Tuesday, in a move that could affect 460 employees.
ING added talks were continuing with other companies regarding its French retail banking client portfolio. French newspaper Les Echos had earlier reported that SocGen, Credit Agricole (OTC:) and Credit Mutuel were interested in the assets.
“ING’s staff in France have been informed today of the outcome of the strategic review. A social plan concerning our 460 affected employees has been agreed with local unions. The social plan is subject to approval of the French Ministry of Labour,” ING said.
The company said it would continue to operate its wholesale banking business in France.
ING France has about 700 staff overall, two thirds of which work in retail banking.
The Dutch company said its decision to quit the French retail banking market would result in a restructuring provision in its 2021 fourth-quarter results.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Be the first to comment