by Bhea Baarde, Correspondent
A number of account holders of ING, The Netherlands-based digital bank, expressed dismay after the firm announced in late June this year plans to close down its retail operations in the Philippines.
In a press release, ING announced that it will quit its 4-year-old retail banking business before the end of this year. It will, however, still remain in the country to invest in its wholesale banking and global shared services operations.
“ING’s retail business in the Philippines was intended as the first step and foundation for a broader Asia retail banking plan. Since its launch in 2018, the business has demonstrated good progress, commercial momentum, and growth potential. However, the uncertain global macro situation in the last few years led to ING deciding not to expand the activities to other countries — which meant that the retail operations in the Philippines had to be re-assessed for its scalability as a standalone business,” the statement read.
Some customers on Twitter were left confused after receiving the announcement through text messages.
“I received a message from my bank (ING) that says, they have decided to exit the retail banking market in the Philippines. Why? What’s happening?”
Another post read: “I received a text from ING that the bank decided to exit the retail banking industry here in the country. Waaaw! Is this really true?”
https://twitter.com/khareen/status/1540239015974039554
ING Philippines also announced the exit on their official Facebook page, which immediately got flooded with various types of comments from customers. https://www.facebook.com/INGPhilippines/posts/pfbid0364rUiaDEFhYdA6o2Za4RgkZNRUG6eEYpaV2MHDDqqUnFt2aV33srzsKT1YMh2ePrl
“I am so heartbroken ING Philippines. I’ve been banking with ING for 2 years with no issues.”
“Sad naman. You’re way way better than huge traditional banks here in the Philippines.”
“Thank you, ING. You’ve been very helpful with your very nice UI and also in-app req for bank statements and cert. Banking has never been this fun with you around. Sadly, you have to leave. Hope you’ll come back better and stronger than ever! Best of the best!”
Several customers also expressed disappointment over ING’s retail exit as they sadly bid farewell to the digital bank’s services, which include high-interest rates, free bank transfers, and ATM withdrawals.
“Hala, sayang naman ang ganda pa naman ng service nila.”
https://twitter.com/xianArbolario/status/1540279934379098112
“ING bank announced that they will exit the retail banking market in PH, which means no more free transfer and no-fee ATM withdrawals.”
https://twitter.com/marianeyyyyy/status/1540246335575982083
“Quite sad knowing that ING will exit the retail banking here in the country. Their annual interest (rate) is higher than other banks and fund transfers are free.”
https://twitter.com/remge_/status/1540514408367292416
Meanwhile, ING Philippines assured its 380,000 retail bank customers not to worry as there will still be no change in their accounts for now. The digital bank’s customers can still access their accounts, funds, and other services through ING’s mobile banking app.
However, as a result of their decision to exit, ING Philippines’ retail banking products and services will no longer be continued. Its ING mobile banking app will also be decommissioned by the end of this year.