ING to leave Czech retail banking market by end-2021
ING to leave Czech retail banking market by
end-2021
Customers will receive a welcome offer from
Raiffeisenbank Czech Republic
ING is announcing today that it intends to withdraw from the
retail banking market in the Czech Republic. Raiffeisenbank Czech
Republic has agreed to prepare a welcome offer for ING’s retail
customers in the Czech Republic.
In March, customers will receive an invitation from
Raiffeisenbank to move to this bank over the coming months. The
ambition is for ING to stop all its retail activities in this
market by the end of 2021. ING will remain active in the Czech
Republic as a provider of wholesale banking products and
services.
ING has been present in the Czech retail banking market for more
than 20 years, offering savings accounts and mutual funds.
Currently ING serves around 375,000 local retail customers.
Globally, ING supports more than 39 million retail and wholesale
customers in 40 markets.
The agreement with Raiffeisenbank has been secured to ensure
ING’s customers in the Czech Republic can continue to meet their
banking needs. ING customers will receive the option to move their
savings and investments to Raiffeisenbank at preferential
conditions. The agreement between ING Czech Republic and
Raiffeisenbank Czech Republic is pending regulatory approval.
“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 Czech retail market, sharpening the focus of
our business portfolio. We are confident that our customers are
well -served by the attractive offer from Raiffeisenbank, which has
a proven customer-centric and digital track record,” said Aris
Bogdaneris, member of the Management Board Banking and head
of Challengers & Growth Markets at ING Group.
Currently the retail operations in the Czech Republic employ
approximately 225 FTE. ING will build on its track record in
supporting its employees with finding employment outside the
bank.
Note for editors
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Press enquiries |
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Investor enquiries |
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ING Group Investor Relations |
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ING Profile
ING is a global financial institution with a strong European
base, offering banking services through its operating company ING
Bank. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank’s more than 57,000
employees offer retail and wholesale banking services to customers
in over 40 countries. ING Group shares are listed on the
exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New
York Stock Exchange (ADRs: ING US, ING.N).Sustainability forms an
integral part of ING’s strategy, evidenced by ING’s leading
position in sector benchmarks by Sustainalytics and MSCI and our
‘A-list’ rating by CDP. ING Group shares are included in major
sustainability and Environmental, Social and Governance (ESG) index
products of leading providers STOXX, Morningstar and FTSE Russell.
In January 2021, ING received an ESG evaluation score of 83
('strong') from S&P Global Ratings.
Important legal information
Elements of this press release contain or may contain
information about ING Groep N.V. and/ or ING Bank N.V. within the
meaning of Article 7(1) to (4) of EU Regulation No 596/2014.
ING Group’s annual accounts are prepared in accordance with
International Financial Reporting Standards as adopted by the
European Union (‘IFRS-EU’). In preparing the financial information
in this document, except as described otherwise, the same
accounting principles are applied as in the 2019 ING Group
consolidated annual accounts. The Financial statements for 2020 are
in progress and may be subject to adjustments from subsequent
events. All figures in this document are unaudited. Small differences
are possible in the tables due to rounding.
Certain of the statements contained herein are not historical
facts, including, without limitation, certain statements made of
future expectations and other forward-looking statements that are
based on management’s current views and assumptions and
involve known and unknown risks and uncertainties that could cause
actual results, performance or events to differ materially from
those expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to a number of factors, including, without
limitation: (1) changes in general economic conditions, in
particular economic conditions in ING’s core markets, including
changes affecting currency exchange rates, (2) the effects of the
Covid-19 pandemic and related response measures, including
lockdowns and travel restrictions, on economic conditions in
countries in which ING operates, on ING’s business and operations
and on ING’s employees, customers and counterparties, (3) changes
affecting interest rate levels, (4) any default of a major market
participant and related market disruption, (5) changes in
performance of financial markets, including in Europe and developing
markets, (6) changes in the fiscal position and the future economic
performance of the United States, including potential consequences
of a downgrade of the sovereign credit rating of the US government,
(7) consequences of the United Kingdom’s withdrawal from the
European Union, (8) changes in or discontinuation of ‘benchmark’
indices, (9) inflation and deflation in our principal markets,
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ability to meet minimum capital and other prudential regulatory
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actions, including claims by customers, (16) operational risks,
such as system disruptions or failures, breaches of security,
cyber-attacks, human error, changes in operational practices or
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inability to protect our intellectual property and infringement
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challenges in connection with climate change, (22) inability to
attract and retain key personnel, (23) future liabilities under
defined benefit retirement plans, (24) failure to manage business
risks, including in connection with use of models, use of
derivatives, or maintaining appropriate policies and guidelines,
(25) changes in capital and credit markets, including interbank
funding, as well as customer deposits, which provide the liquidity
and capital required to fund our operations, (26) the other risks
and uncertainties detailed in the most recent annual report of ING
Groep N.V. (including the Risk Factors contained therein) and ING’s
more recent disclosures, including press releases, which are
available on www.ING.com.
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- ING to leave Czech retail banking market by end-2021
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