The logo of ING bank is seen at the entrance of the group's main office in Brussels November 6, 2013. REUTERS/Francois Lenoir
PARIS, Dec 21 (Reuters) – Dutch financial services company ING (INGA.AS) will quit the French retail banking business, it said on Tuesday, in a move that could affect 460 employees.
ING added talks were continuing with other companies regarding its French retail banking client portfolio. French newspaper Les Echos had earlier reported that SocGen (SOGN.PA), Credit Agricole (CAGR.PA) and Credit Mutuel were interested in the assets.
“ING’s staff in France have been informed today of the outcome of the strategic review. A social plan concerning our 460 affected employees has been agreed with local unions. The social plan is subject to approval of the French Ministry of Labour,” ING said.
The company said it would continue to operate its wholesale banking business in France.
ING France has about 700 staff overall, two thirds of which work in retail banking.
The Dutch company said its decision to quit the French retail banking market would result in a restructuring provision in its 2021 fourth-quarter results.Reporting by Sudip Kar-Gupta Editing by David Goodman
Our Standards: The Thomson Reuters Trust Principles.
This article was originally published by Reuters.
Nationwide transformation drive positions the country as a regional leader in smart government Qatar is…
Labour laws offer strong safeguards, but companies weigh cost pressures and restructuring options As geopolitical…
Market registers 36,658 residential tenancy contracts worth AED3.16 billion as rents show YoY increases Dubai,…
fäm Properties analysis shows city’s 4-year pipeline 71.45% committed, as absorption rate leaves major global…
FIA President H.E. Mohammed Ben Sulayem highlights key challenges and opportunities shaping motorsport and mobility…
Basra officials say output can rebound within days as Hormuz disruption continues to weigh on…