The Luxembourg Banker's Association stated this Friday than other banks are ready to welcome former ING clients.

The Dutch bank ING recently announced its intention to halt retail banking for private individuals in Luxembourg. The announcement came as a shock, since it involves the closure of some 40,000 to 50,000 accounts and could mean staff being laid off in the coming months.

In response to these developments, the ABBL (Luxembourg Bankers' Association) issued a press release on Friday aimed at reassuring the public. The Association emphasised that Luxembourg's retail banks are fully "ready to welcome" the customers affected by ING's decision.

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The association says it has consulted with the concerned retail banks. The aim is to "take the necessary measures to help customers transfer their assets to another bank seamlessly".

The Association's CEO, Jerry Grbic, said that the discussions had gone well and confirmed that other banks "strongly intended" to "maintain and develop retail banking" in Luxembourg. He added that these banks were able to take on a large number of customers.

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Grbic emphasised that several banks have already implemented streamlined processes accessible on their websites to "facilitate the onboarding of interested customers". ING, on its end, has devised measures to ensure uninterrupted banking services.

The measures announced include increasing the number of staff in branches and within their "contact centre". A special section has also been opened on the bank's website, and extended deadlines have been set up to allow affected customers "to make arrangements."

The ABBL underscores that Luxembourgish law guarantees the right to a basic payment account for all individuals.