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ING to exit Czech retail banking market by 2021-end

By Megha Bhattacharya

February 19, 2021

  • Czech Republic
  • Raiffeisen Bank
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ING bank, Amsterdam, UK, Middle EastING has announced that it will be withdrawing from the retail banking market in the Czech Republic. ING has been present in the Czech retail banking market for more than 20 years, offering savings accounts and mutual funds. Currently, ING serves around 375,000 local retail customers. Globally, ING supports more than 39 million retail and wholesale customers in 40 markets.

“We continuously evaluate our activities, including assessing whether they are likely to achieve the preferred scale in their market within a reasonable time frame. In this context we have decided to exit the Czech retail market, sharpening the focus of our business portfolio. We are confident that our customers are well -served by the attractive offer from Raiffeisenbank, which has a proven customer-centric and digital track record,” said Aris Bogdaneris, member of the Management Board Banking and head of Challengers & Growth Markets at ING Group.

ING stated that Raiffeisenbank Czech Republic has agreed to prepare a welcome offer for its retail customers in the Czech Republic. Customers will receive the option to move their savings and investments to Raiffeisenbank at preferential conditions. The agreement between the Banks is pending regulatory approval.

Recently, the Dutch banking group announced the appointment of Peter Adams as the new Chief Executive Officer in Belgium. Peter will be assuming the position from 2nd of January, 2021. He will be succeeding Erik Van Den Eynden, who left the company on 1 October 2020 and will report to Pinar Abay as head of Market Leaders.

The company partnered with genesis, the low code application platform for financial markets, in a bid to launch the Credit Insurance Application. The CIA is a deal-flow and portfolio application that aims to transform the management of credit and political risk insurance globally.

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