ING announced today that it will leave the retail banking market in the Philippines before the end of 2022. It will, however, continue to invest in its Wholesale Banking business and global shared services operations in the Philippines.
ING’s retail business in the Philippines was intended as the first step and foundation for a broader Asia retail banking plan. Since its launch in 2018, the business has demonstrated good progress, commercial momentum and growth potential. However, the uncertain global macro situation in the last few years led to ING deciding not to expand the activities to other countries, which meant that the retail operations in the Philippines had to be re-assessed for its scalability as a standalone business.
Source: https://ing.com.ph/blog/ING-Philippines-to-leave-retail-banking-market
#TeamZeroFees
Comments
Post a Comment