Luxembourg retail banks ready to welcome ING Luxembourg retail customers
Published on 03 June 2024
Following ING Luxembourg’s strategic decision to end its retail banking activities, Luxembourg retail banks have joined forces with the ABBL and public authorities to ensure affected customers can easily transfer their accounts while maintaining access to essential banking services. The initiative highlights the resilience and competitiveness of Luxembourg’s retail banking sector despite increasing regulatory challenges.
Summary
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.
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This decision demonstrates two things. Firstly, that the retail banking market in Luxembourg is highly competitive. Secondly, that the magnitude of existing regulatory constraints may lead some players to question the continuation of certain service offerings.
Jerry Grbic
CEO, ABBL
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.
Jerry Grbic
CEO, ABBL
Published on 03 June 2024