ING quits retail banking in the Philippines

The second foreign bank to depart the Philippines’ consumer banking industry, after global banking giant Citi ceded its operations to Aboitiz-led Union Bank of the Philippines, is the Dutch financial behemoth ING Bank.

In a statement, ING stated that it would exit the Philippine retail banking market by the end of the year, but added that it would continue to engage in wholesale banking and grow its international shared services businesses.

Since the pandemic began, ING is the second foreign bank to leave the Philippine retail banking market. The consumer banking division of Citi is currently being transferred to UnionBank.

According to data from the Bangko Sentral ng Pilipinas (BSP), as of the end of 2021, ING Bank NV ranked 32nd in terms of assets with P31.46 billion and 33rd in terms of capital with P4.51 billion in the Philippines. With P15.77 billion in deposits and P11.28 billion in net loans, it came in at number 31 and number 57, respectively.

The foreign bank has a history in the Philippines dating back more than 30 years, according to Hans Sicat, country head of ING Philippines.