ING News

Luxembourg, 29/05/2024

ING is announcing today that it will no longer offer Mass Retail Banking services for private individuals in Luxembourg. “We continuously evaluate our activities, including assessing whether they are likely to achieve the preferred scale in the market within a reasonable time frame. We have concluded that, for us, there is no realistic path towards sustainable growth in the foreseeable future in Mass Retail Banking in Luxembourg,” says Michael Burch, CEO of ING in Luxembourg.

ING is in the process of informing customers concerned by the decision.

ING addresses the turmoil in the market

Following the information related to the closure of certain ING accounts, the Bank acknowledges having underestimated the impact of the communication and wishes to share additional details.

“We realize that the request to transfer the assets to another bank caused frustration to our clients. To support them in the best possible manner, we have put in place additional measures with immediate effect,” explains Michael Burch.

ING is committed to closely accompany the clients concerned and has taken several steps to support them. It has increased the number of people in its branches located in Ettelbruck, Esch/Alzette, Strassen and Luxembourg Gare to answer questions and explain the account transfer process. Additionally, ING has strengthened its Contact Center team which handles incoming calls and messages. On its webpage ing.lu, ING has published a special section with key information to close an account and related frequently asked questions: ing.lu/closure.

“We understand that the approaching summer holidays are a concern for many,” notes Michael Burch. “Whereas the standard procedure foresees a blocking of the account after two months’ notice, we will make sure that accounts remain accessible to enable our customers to take the necessary actions.” 

ING will continue to develop further measures to support its impacted clients and to avoid any disruption of essential banking services. 

Increased focus on Wholesale Banking and Private Banking

ING sees an unmet client demand in Luxembourg for personal banking relationships and superior sector expertise. ING is well positioned to fulfill this need and to offer the services where it can make a difference for its clients. “We are firmly committed to remain a key player in Luxembourg in Wholesale and Private Banking. This increased focus enables ING to remain a strong and sustainable financial partner,” states Michael Burch.

With its dedicated offer for the investment fund industry, institutional clients and corporate clients, ING aims to stay a leading partner in Wholesale Banking. To become an established player in Private Banking, ING will be launching a differentiating service offering for private individuals with long-term investment needs.

ING has been active in Luxembourg since 1960 as a universal and accessible bank, offering savings, investments, loans and mortgages for retail and private banking customers. For Wholesale Banking clients, the bank provides specialized lending, hedging solutions, payment and cash management, and fund services. 

ING is a committed member of the Luxembourg community with key cultural partnerships and sponsorships such as the ING Night Marathon Luxembourg (since 2006), the ING Route du Vin (since 2013) and unique initiatives such as the ING Solidarity Awards (since 2012) and the Luxembourg Pride Run (since 2023).