ING Luxembourg has announced a referral agreement with BGL BNP Paribas to provide an alternative bank for approximately 18,000 private ING clients whose accounts are being closed.

In May, ING informed 30,000 clients that their accounts would be shut, advising them to transfer their funds to other banks. In September, worries arose of a second wave of closures, affecting another 15,000 customers. Most of these clients only hold a current account with ING, which they rely on for everyday transactions.

ING’s strategic focus shifted towards Personal and Private Banking, as well as expanding its Wholesale Banking services for large corporate and institutional clients, which infuriated customers and sparked a wave of trolling ads by competitors to attract new clients.

Under the agreement, affected clients will be contacted in waves by ING until summer 2025, offering them an exclusive transition package with BGL BNP Paribas. The package includes a streamlined account opening process and special conditions. ING emphasised that clients do not need to take any immediate action and will continue to be served by ING until the transition is complete.

Michael Burch, CEO of ING Luxembourg, expressed confidence in BGL BNP Paribas as the ideal partner to ensure continuity for clients with simple banking needs.