ING to exit PH retail banking market by end of 2022

ING on Facebook today announced that the company is exiting the Philippine retail market.

ING

Tot ziens, ING PH retail banking market

According to the company, they are not closing in the Philippines, but it has decided to exit the retail banking market in the country. The brand said that it will, however, continue its Wholesale Banking business and our global shared services operations in the Philippines.

ING's announcement

The reason why the company, it is the global macro situation in the last few years led to ING deciding not to expand its activities to other countries. It means that the retail operations in the Philippines had to be re-assessed for their scalability as a standalone business.

They also assured that the money of their customers is safe and readily accessible. Its users may also continue accessing their funds and other products and services offered by the mobile bank app.

The company is also supervised by Banko Sentral ng Pilipinas and is a member of the Philippine Deposit Insurance Corporation (PDIC) which means that deposits are insured for up to PHP 500,000.

In a follow-up post, ING noted that some customers are having trouble accessing the app and some of its features. But, they assured their customers that their accounts are safe and they are working hard to have the app back up and running.

The rest of the details regarding this announcement is found on this link.

What do you guys think?