After a public scandal, ING pronounces the closure of retail providers in Luxembourg. Prospects had been informed via the appliance that their account will disappear in 2 months – Financial institution Information

After days of hypothesis and confusion amongst affected prospects, ING Luxembourg pronounces that it’s closing its providers to people. Officers say that they’ve came upon that it’s not doable for the financial institution to develop sustainably in Luxembourg and subsequently they’re giving up the gross sales space. Nonetheless, the information comes after days when prospects didn’t obtain an official notification, didn’t obtain any solutions from the financial institution, however discovered a message within the My ING utility telling them that they might be with out account in 2 months. As well as, these clarifications got here after some authorities officers intervened, noting the media from the Grand Duchy.

In a press launch, the financial institution admits that the information of account closure has brought about “uproar” amongst those that out of the blue came upon that their accounts will likely be closed inside 2 months, as which a number of prospects reported and complained on social networks.

ING says that it’s going to proceed to supply loans and funding portfolios to firms devoted to firms, that it’s going to concentrate on the expansion of personal banking actions in Luxembourg.

“We perceive that desirous to switch their account to a different financial institution has brought about frustration for our prospects. To assist them in an actual method, we now have instantly put extra measures in place,” the press launch reads.

The financial institution will enhance the variety of individuals out there in its branches to assist individuals with the account switch course of. ING additionally specifies that they are going to stay accessible for longer than the 2 months initially specified.

For the reason that financial institution had 124,000 prospects, in accordance with the 2022 annual report, 40,000 accounts have already been closed by ING, in accordance with info collected from the Aleba union, cited by the Luxembourg Instances.

Legally, banks in Luxembourg can shut an account at any time with out purpose, topic to 2 months’ discover.

In its newest annual report for 2022, ING Luxembourg reported a internet revenue of 120 million euros, in accordance with the supply talked about earlier.