ING Luxembourg has signed a referral agreement with Post Luxembourg to provide an alternative for its 4,500 business banking clients as the Dutch lender accelerates its exit from services for local SMEs, self-employed professionals and entrepreneurs.
The deal gives ING clients access to a preferential banking package with Post Luxembourg, which will handle everyday banking needs for small and medium-sized businesses rooted in the country. ING said clients will be contacted in waves with detailed instructions over the coming months, a process expected to run until the end of 2026. The bank will also maintain current loan contracts until maturity and provide a dedicated hotline and support team to help clients through the transition.
“By joining forces with Post Luxembourg we have a reliable local partner to support our Business Banking clients. This ensures that they continue to receive professional daily banking services from an institution rooted in the community,” said Michael Burch, CEO of ING Luxembourg, in a statement.
The handover follows ING’s decision to progressively withdraw from mass retail and business banking in Luxembourg to concentrate on private banking and wholesale services. The bank has reached a transferral agreement with BGL BNP Paribas relating to some 21,000 retail clients and last week announced up to 124 job cuts as part of its restructuring. Earlier this month, ING integrated its Luxembourg investment arm into a new Global Investment Centre covering more than 250 billion euro in assets.