ING to checkout of retail banking business in Philippines by year-end

ING Philippines is closing its retail banking business by the end of the year, opting to focus instead on its wholesale banking business and global shared services operations.

Photo credit: ING Philippines on Facebook

The bank cited the “uncertain global macro situation” as its reason for reassessing the scalability of its retail operations in the Philippines as a standalone business.

While there are no immediate changes for private account holders, the bank said that all of its users will be notified regarding the next steps.

“We have plans to increase our focus on sustainable finance. Our high-profile hires are steps in this direction,” said Hans Sicat, country head of ING Philippines. It plans to explore growth in renewable energy, technology, media and telecommunications, infrastructure, and financial institutions.

There are currently six players in the Philippines with digital banking licenses. ING is not among them, holding a universal bank license instead, despite offering its services solely through its app.

See also: Banking on a digital remedy in the Philippines

Headquartered in Amsterdam, ING entered the Philippine market in 1990 and established ING Business Shared Services in 2013. The office currently has 3,000 employees, while its wholesale and retail banking businesses have 120 employees. The number of workers affected by the closure of its retail business is still unknown.