Posted on Sep 6, 2021 at 3:16 PMUpdated on Sep 6, 2021, 3:21 PM
Selling a bank at a profit is possible in France. This is the conviction of ING, in the midst of a strategic review of its retail activities, despite the setbacks of HSBC and Orange Bank. The British giant indeed had to write a check for 1.6 billion euros to the Cerberus fund to sell it its French retail bank. For its part, Orange, which is accumulating losses in banking activities, has failed to convince any major French banking player to take a stake in Orange Bank.
ING wants to learn from these failures. According to several sources, the Amsterdam group would thus consider selling only its business of one million individual customers in France, and not the IT infrastructure and operations managed by its nearly 500 employees. “This is the best way to attract candidates by the third or fourth quarter, the estimated timeframe of the process,” say several sources.