ING Philippines has announced that it will shut down its retail banking market by the end of this year.
In a Facebook post, the Dutch multinational bank said it has “decided to exit the retail banking market in the Philippines before the end of 2022.”
Along with the announcement, ING has laid out some information and reminders regarding its exit.
Why is ING exiting the Philippine retail market
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 reassessed for its scalability as a standalone business.
Your money and accounts are safe and secure
ING is supervised by the Bangko Sentral ng Pilipinas and a member of the Philippine Deposit and Insurance Corporation (PDIC). Your deposits are insured by PDIC up to P500,000.
You can continue to access and transfer it out anytime via the app. We will keep you informed of any changes that will impact your account/s.
What happens to the ING app and ING accounts
For now, there is no change to your ING account/s. This means you can continue accessing your funds, accounts, as well as products and services currently offered by ING. We will also make sure that your money and accounts are safe.
We will keep you informed of any changes that will impact your account/s.
How to transfer funds
You can transfer your money up to P1M to another personal account via InstaPay (P50,000 limit per transfer) or PESONet (3-5 banking days).
For more information, you can visit https://ift.tt/1ycCIKv.
ING to shut down PH retail banking market by end-2022
Source: Magandang Gabi Viral
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