Luxembourg retail banks ready to welcome ING Luxembourg retail customers

In view of the concerns raised by ING’s decision to stop its retail banking services in Luxembourg, the ABBL and the Luxembourg retail banks have joined forces to take all the necessary measures to assist the customers concerned in transferring their assets to another bank.

Source: ABBL Press Release, “Les banques de détail luxembourgeoises prêtes à accueillir les clients particuliers de ING Luxembourg”, May 2024

The consequences of a strategic withdrawal

The announcement of ING Luxembourg’s decision to discontinue its retail banking offer for individuals has disconcerted many of the bank’s customers and raised questions about the future of this sector in Luxembourg.

Working together to give customers the best possible support

Aware of the delicate situation in which the customers concerned find themselves, the ABBL has consulted with ING Luxembourg, the other retail banks and the competent authorities to organise the transfer of their assets to another establishment of their choice and thus guarantee a continuation of services.

‘During these discussions, we saw the firm determination of our members active in the private individual customer segment to continue to maintain and develop this offering in our country. They have also declared that they are capable of taking on numerous customers, as ING Luxembourg has done,’ stresses Jerry Grbic. Some of these players have already put information and processes in place on their websites to help interested customers onboard smoothly.

ING Luxembourg, for its part, has announced that it is developing additional measures to avoid any interruption in banking services, and is committed to providing close support to the customers concerned. The measures taken include increasing the number of staff in its branches and at its Contact Centre, publishing a special section on its website containing key information, and extending the deadline for customers to make their arrangements.

The right to a basic payment account

In this context, it is also worth remembering that the Law of 13 June 2017 on payment accounts, in the interests of consumer protection, stipulates access to a basic payment account. More info here

ING Account Transfer

To help you prepare for your account transfer, please find here the link to ING FAQ.

The ABBL has also published a support page to help customers transfer their accounts to new banks. This resource includes links to the main Luxembourg banks and detailed guides to the account transfer process. Customers can find step-by-step instructions and ensure that their accounts, cards and insurance remain active until 30 September 2024.