By Sabela Ojea

ING Groep NV said Tuesday that it will leave its retail banking business in France following the outcome of the strategic review announced in June.

The Dutch bank said it aims to focus on its business portfolio, and noted that 460 employees will be affected by the closure.

A social plan for the employees has been agreed on with local unions, it said, adding that it will be subject to approval of the French Ministry of Labour.

"We have decided to exit the French retail market, sharpening the focus of our business portfolio on where we can better scale," said Aris Bogdaneris, member of the management board banking and head of retail banking and challengers and growth markets at ING Group.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

December 21, 2021 07:01 ET (12:01 GMT)

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