Banking: after twenty years in France, ING Direct bows out

Posted Apr 5, 2022, 5:58 PMUpdated on Apr 5, 2022, 6:12 PM

After more than two decades, ING is withdrawing from retail banking in France. The Dutch bank, which announced on Tuesday the transfer of its individual customers in France to Boursorama, has never really succeeded in conquering the individual segment. In question: its too small market share in the country, where its online bank historically operated under the name of ING Direct. For the same reason, ING is also withdrawing from Austria and the Czech Republic.

“In these countries, economies of scale were not possible and, therefore, staying there was no longer profitable,” said a spokesperson for the group, which is headquartered in Amsterdam. About a million French people used the services of ING, too few for the taste of the orange bank. “Due to local regulations and cultural traditions, the retail markets in Europe are all very different. It is almost impossible to achieve economies of scale. »

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