ING will transfer its 4,500 Luxembourg business clients to POST Luxembourg under a new agreement, the latest step in the bank's restructuring which puts 124 jobs at risk.
ING and POST Luxembourg have finalised a "referral agreement" to facilitate the transfer of ING's business banking clients in Luxembourg. This move follows ING's recent confirmation that it will wind down its services for local companies, self-employed individuals, and entrepreneurs.
While ING has committed to "honouring the terms of current mortgage and other loans" for these clients until contract expiry, the new agreement provides a pathway for their accounts. The approximately 4,500 affected clients – primarily self-employed individuals and SMEs – will be contacted by post with the option to move to POST Luxembourg, where they will gain access to a preferential banking package and transition support.
This step is part of ING's broader restructuring to focus on private banking and large corporations, a process that puts 124 jobs at risk.
