ING has just announced its exit from the retail banking market in the Philippines before 2022 ends. However, it will still continue its investments in the Wholesale Banking business and global shared services operation in the Philippines.
The bank’s retail business was its first step and foundation for a greater Asian retail banking plan. Having demonstrated good progress, commercial momentum, and growth potential since its launch back in 2018.
Unfortunately, the sudden uncertainty in the global macro situation over the past two years pushed ING to decide on stopping its expansion of activities in other countries, meaning that retail operations in the Philippines have to be re-evaluated in regards to its scalability as a standalone business.
On a positive note, current ING retail customers in the Philippines do not need to do anything now because there will be no change to their current accounts. You can continue to access your funds and accounts anytime while keeping your money safe and secure. You will also be notified soon which you can learn more about here.
“ING has a history in the Philippines that goes back more than 30 years. In that time, we’ve developed strong and steady partnerships with a number of the country’s largest corporations and financial institutions. We are proud of our leading positions in M&A, corporate advisory, and capital markets. ING will continue to invest in growing our wholesale banking business to strengthen our position in the country, and we have plans to increase our focus on sustainable finance. Our high-profile hires are steps in this direction. We hope to take advantage of the growth prospects in various sectors like renewable energy, technology, media & telecommunications, infrastructure, and financial institutions, among others.”
Hans Sicat, ING Philippines Country Head
On the other hand, IBSS Manila (ING Business Shared Services) provides 24/7 global support services for ING in areas that include financial markets, lending services, client due diligence, on-boarding activities, risk management, and retail operations, non-financial risk & compliance, and IT. Ensuring the bank’s continuous investment in its growing position of supporting its own operations in more than 40 markets.
“Extended capabilities and services have driven our growth and development in recent years. We have had to move to bigger premises several times since 2013; and have plans to take up an additional 12 floors in One Ayala Tower 2 in the next few months to accommodate our growing diverse teams as we take on additional projects and services this year and beyond.”
Cees Ovelgonne, CEO of IBSS Manila.
For more information on the ING Retail exit, click here. For more security and safe online banking tips, click here.
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