EMCC European Monitoring Centre on Change

ING Bank Czech Republic

Company/Organisation:
ING Bank Czech Republic

Geographic Location

Country: Czechia

Company

Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 355
Group: ING

Employment Effects

Announcement Date: 18-02-2021
Planned Job Reductions min: 225
Planned Job Reductions max: 225
Type of Restructuring: Internal restructuring
Foreseen End Date: 31-12-2021

Additional Information

The Dutch financial group ING has decided to leave the Czech banking market and to cut 225 job positions in the Czech Republic during 2021. By the end of 2021, ING will end its personal banking services, which consist of savings accounts and investments in mutual funds. The reason for the decision to discontinue personal banking services after more than 20 years is the current unfavourable economic situation. ING has entered into agreement with Raiffeisenbank, which will give current ING clients the opportunity to become its customers and transfer their savings and investments there from March 2021. The remaining 130 corporate bank officials will continue to provide corporate banking services to Czech and global clients from the Prague office.

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