ING Luxembourg has signed an agreement with three trade unions to cover over 120 employees who were due to be laid off.

According to a press release published on Monday, ING Luxembourg met with the ALEBA, LCGB and OGBL trade unions on Friday to sign a social plan to "cover" 124 employees who were in line for redundancy.

In a joint statement by the unions, it was announced that the social plan provides additional financial benefits and opportunities for career transitions.

It was emphasised that the agreement was reached through "open dialogue and collaboration", with all possible efforts made to help the employees affected by the bank's decision to end its retail business. ING plans to focus on private banking for large corporate clients instead - a decision the unions said they regret.