POST Steps In to Support ING’s Business Clients in Luxembourg

POST and ING Luxembourg have reached an agreement to safeguard the banking needs of thousands of local businesses following ING’s decision to scale back its activities in the country.

The two institutions announced on Tuesday that they had signed a “referencing agreement” aimed at providing continuity for around 4,500 clients of ING’s Business Banking division. These include SMEs, self-employed workers, and entrepreneurs who were left seeking alternatives after ING confirmed its withdrawal from the sector to focus instead on Private Banking and Wholesale Banking.
Under the deal, POST will extend “preferential banking conditions” to affected professionals to ensure a smooth transition. While ING will continue to honour existing mortgages and outstanding loans until maturity, POST will handle day-to-day banking needs for eligible clients. However, the agreement does not cover every service previously offered by ING, meaning some customers may still need to turn to other institutions for specialised solutions.

Michael Burch, CEO of ING Luxembourg, stressed that the deal guarantees stability: “This ensures that our business clients will continue to benefit from professional banking services provided by an institution rooted in the community.”

Gabriel de La Bourdonnaye, Director of POST Finance, echoed this, highlighting POST’s ambition to strengthen its role as a local banking partner: “We offer access to banking services for everyone, not just individuals. Our goal is to provide professional customers with services adapted to their daily needs.”

The move follows a series of strategic shifts at ING Luxembourg. After decades of presence since its establishment in 1960, the bank recently ended its retail banking services, shut down numerous accounts, and announced it would exit corporate investment banking. These changes came alongside a redundancy plan threatening 124 jobs, sparking concern among employees and clients alike.

The gradual transfer of business clients to POST is expected to unfold over the coming year, with ING set to provide detailed instructions to affected customers in the meantime.  
Know More here : POST and ING Luxembourg join forces to support 4,500 professional clients - The essentials

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