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ING to exit Austrian retail market

Source: ING

ING is announcing today that it is reviewing the strategic options for its Retail Banking operations in Austria with the aim of exiting this market by the end of 2021.

The scope of the review focuses solely on ING’s retail business. ING will continue its Wholesale Banking activities in Austria.

“We continuously evaluate our activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context we have decided to exit the Austrian retail market, sharpening the focus of our business portfolio on where we can better scale,” said Aris Bogdaneris, member of the Management Board Banking and head of Challengers & Growth Markets at ING Group.

As a first step, in June 2021, ING will discontinue its savings-only offering for customers in Austria. As it exits the local retail banking market, ING will make sure its customers are fully supported throughout.

ING has been active in the Austrian retail banking market since 2003. In 2020, it had around 550,000 retail customers in Austria, including 50,000 primary customers. Globally, ING supports more than 39 million retail and wholesale customers in over 40 markets. Currently ING employs approximately 340 FTEs in its Austrian retail operations.

Any further measures pertaining to ING’s retail operations in Austria will be closely coordinated with local regulators.

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