ING Bank exits Philippine retail banking market

Dutch financial giant ING Bank is exiting the retail banking market in the Philippines, the second foreign bank to leave the country’s consumer banking segment after global banking giant Citi sold its business to Aboitiz-led Union Bank of the Philippines. In a statement, ING said it would leave the retail banking market in the Philippines before the end of the year, but would further invest in wholesale banking business and expand its global shared services operations. ING is the second foreign bank to exit the Philippines’ retail banking segment since the pandemic struck. Citi is now in the process of transferring its consumer banking business to UnionBank.