ING announced it has reached an agreement to transfer ING’s Retail Banking operations in Austria to bank99, the bank of Österreichische Post, the Austrian postal services. The agreement follows a review of strategic options for ING’s Retail Banking operations in Austria as announced in March 2021. ING will retain its Wholesale Banking activities in Austria.
Bank99 was launched in 2020 and currently offers online banking to 80,000 customers. As announced in March, ING has discontinued its savings-only offering in Austria. The approximately 150,000 customers with current accounts, mortgages or consumer loans will be onboarded with bank99, which will also acquire all Retail staff and assets. This process will start in the coming months and is expected to be finalised in the last quarter of 2021.
“We are happy that in bank99 we have found a partner that offers a new home to our Retail customers in Austria. Bank99 is focused on digital banking and therefore our customers will enjoy easy to use banking services,” said Aris Bogdaneris, head of Retail Banking and Challengers & Growth Markets and member of ING’s Management Board Banking.
The agreement is subject to approval by relevant regulators.
This is not the first agreement of this kind. Last month ING announced that it is conducting a strategic review of its retail banking business in France, where the bank currently serves around 1 million customers, offering current accounts, mortgages, consumer lending and investment products. The review is focused solely on the retail banking business and not on ING’s wholesale banking activities in France.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
