ING to
review strategic options for
its Retail
Banking business
in France
ING announced today that it is conducting a strategic review of
its Retail Banking business in France. The review is focused solely
on the Retail Banking business and not on ING’s Wholesale Banking
activities in France.
ING has been active in the French retail banking market since
2000 as an online bank and currently serves around 1 million
customers, offering current accounts, mortgages, consumer lending
and investment products. ING France has around 700 employees, of
which two-thirds work in Retail Banking. Globally more than 57,000
ING employees offer Retail and Wholesale Banking services to
customers in over 40 countries.
Any potential outcome of the review of ING’s Retail Banking
business in France would be carried out in accordance with the
social and regulatory legislation in force, taking into account the
best interests of our customers, employees and other
stakeholders.
Note for editors
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Press
enquiries |
|
Investor
enquiries |
Christoph
Linke |
|
ING Group
Investor Relations |
+31 20 576 43
15 |
|
+31 20 576
6396 |
Christoph.Linke@ing.com |
|
Investor.Relations@ing.com |
|
|
|
ING PROFILE
ING is a global financial institution with a strong European
base, offering banking services through its operating company ING
Bank. The purpose of ING Bank is empowering people to stay a step
ahead in life and in business. ING Bank’s more than 57,000
employees offer retail and wholesale banking services to customers
in over 40 countries.
ING Group shares are listed on the exchanges of Amsterdam (INGA
NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs:
ING US, ING.N).
Sustainability forms an integral part of ING’s strategy,
evidenced by ING’s leading position in sector benchmarks by
Sustainalytics and MSCI and our ‘A-list’ rating by CDP. ING Group
shares are included in major sustainability and Environmental,
Social and Governance (ESG) index products of leading providers
STOXX, Morningstar and FTSE Russell. In January 2021, ING received
an ESG evaluation score of 83 ('strong') from S&P Global
Ratings.
IMPORTANT LEGAL INFORMATION
Elements of this press release contain or may contain
information about ING Groep N.V. and/ or ING Bank N.V. within the
meaning of Article 7(1) to (4) of EU Regulation No 596/2014.
Certain of the statements contained herein are not historical
facts, including, without limitation, certain statements made of
future expectations and other forward-looking statements that are
based on management’s current views and assumptions and involve
known and unknown risks and uncertainties that could cause actual
results, performance or events to differ materially from those
expressed or implied in such statements. Actual results,
performance or events may differ materially from those in such
statements due to a number of factors, including, without
limitation: (1) changes in general economic conditions, in
particular economic conditions in ING’s core markets, including
changes affecting currency exchange rates, (2) the effects of the
Covid-19 pandemic and related response measures, including
lockdowns and travel restrictions, on economic conditions in
countries in which ING operates, on ING’s business and operations
and on ING’s employees, customers and counterparties, (3) changes
affecting interest rate levels, (4) any default of a major market
participant and related market disruption, (5) changes in
performance of financial markets, including in Europe and
developing markets, (6) political instability and fiscal
uncertainty in Europe and the United States, (7) discontinuation of
or changes in ‘benchmark’ indices, (8) inflation and deflation in
our principal markets, (9) changes in conditions in the credit and
capital markets generally, including changes in borrower and
counterparty creditworthiness, (10) failures of banks falling under
the scope of state compensation schemes, (11) non-compliance with
or changes in laws and regulations, including those financial
services and tax laws, and the interpretation and application
thereof, (12) geopolitical risks, political instabilities and
policies and actions of governmental and regulatory authorities,
(13) legal and regulatory risks in certain countries with less
developed legal and regulatory frameworks, (14) prudential
supervision and regulations, including in relation to stress tests
and regulatory restrictions on dividends and distributions,, (also
among members of the group), (15) regulatory consequences of the
United Kingdom’s withdrawal from the European Union, including
authorizations and equivalence decisions, (16) ING’s ability to
meet minimum capital and other prudential regulatory requirements,
(17) changes in regulation of US commodities and derivatives
businesses of ING and its customers, (18) application of bank
recovery and resolution regimes, including write-down and
conversion powers in relation to our securities, (19) outcome of
current and future litigation, enforcement proceedings,
investigations or other regulatory actions, including claims by
customers who feel mislead and other conduct issues, (20) changes
in tax laws and regulations and risks of non-compliance or
investigation in connection with tax laws, including FATCA, (21)
operational risks, such as system disruptions or failures, breaches
of security, cyber-attacks, human error, changes in operational
practices or inadequate controls including in respect of third
parties with which we do business, (22) risks and challenges
related to cybercrime including the effects of cyber-attacks and
changes in legislation and regulation related to cybersecurity and
data privacy, (23) changes in general competitive factors,
including ability to increase or maintain market share, (24) the
inability to protect our intellectual property and infringement
claims by third parties, (25) inability of counterparties to meet
financial obligations or ability to enforce rights against such
counterparties, (26) changes in credit ratings, (27) business,
operational, regulatory, reputation and other risks and challenges
in connection with climate change, (28) inability to attract and
retain key personnel, (29) future liabilities under defined benefit
retirement plans, (30) failure to manage business risks, including
in connection with use of models, use of derivatives, or
maintaining appropriate policies and guidelines, (31) changes in
capital and credit markets, including interbank funding, as well as
customer deposits, which provide the liquidity and capital required
to fund our operations, and (32) the other risks and uncertainties
detailed in the most recent annual report of ING Groep N.V.
(including the Risk Factors contained therein) and ING’s more
recent disclosures, including press releases, which are available
on www.ING.com.
This document may contain inactive textual addresses to internet
websites operated by us and third parties. Reference to such
websites is made for information purposes only, and information
found at such websites is not incorporated by reference into this
annual report. ING does not make any representation or warranty
with respect to the accuracy or completeness of, or take any
responsibility for, any information found at any websites operated
by third parties. ING specifically disclaims any liability with
respect to any information found at websites operated by third
parties. ING cannot guarantee that websites operated by third
parties remain available following the filing of this document or
that any information found at such websites will not change
following the filing of this document. Many of those factors are
beyond ING’s control.
Any forward looking statements made by or on behalf of ING speak
only as of the date they are made, and ING assumes no obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information or for any other reason.
This document does not constitute an offer to sell, or a
solicitation of an offer to purchase, any securities in the United
States or any other jurisdiction.
- ING to review strategic options for its Retail Banking business
in France
ING Groep NV (EU:INGA)
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