ING leaves the French retail banking market, jobs at risk

The ING bank logo is seen at the entrance to the group’s main office in Brussels November 6, 2013. REUTERS/Francois Lenoir

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PARIS, Dec 21 (Reuters) – Dutch financial services firm ING (INGA.AS) will quit retail banking in France, it announced on Tuesday, in a move that could affect 460 employees.

ING added that discussions were continuing with other companies regarding its portfolio of retail banking customers in France. French newspaper Les Echos previously reported that SocGen (SOGN.PA), Credit Agricole (CAGR.PA) and Credit Mutuel were interested in the assets.

“ING staff in France have today been informed of the results of the strategic review. A social plan concerning our 460 affected employees has been agreed with the local unions. The social plan is subject to the approval of the French Ministry Labor,” ING said.

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The company said it would continue to operate its wholesale banking business in France.

ING France has approximately 700 employees in total, two-thirds of whom work in retail banking.

The Dutch company said its decision to exit the French retail banking market would trigger a restructuring provision in its fourth quarter 2021 results.

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Reporting by Sudip Kar-Gupta Editing by David Goodman

Our standards: The Thomson Reuters Trust Principles.

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