ING Luxembourg transfers its clients to BGL BNP Paribas
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On 2 December 2024, ING Luxembourg announced a strategic partnership with BGL BNP Paribas that will affect around 18,000 retail banking customers. This decision marks ING Luxembourg's departure from the mass-market sector in favour of more highly specialised areas. The fact that the bank is closing personal accounts of individuals became known back in spring, when the news caused certain alarm in the society.
ING Luxembourg will focus on servicing affluent private clients (Personal and Private Banking) and will strengthen its position in corporate and institutional banking (Wholesale Banking). Fund management, where the bank is already recognised as a global expert, will remain an important area.
According to ING Luxembourg CEO Michael Burch, the decision is motivated by a desire to focus on long-term value-added services.
BGL BNP Paribas will welcome former ING retail customers, offering them exclusive terms and a simplified transition process. This is an opportunity for the bank to strengthen its leading position in the Luxembourg market with digital solutions and a broad product range.
Beatrice Belorgey, Chair of the Executive Committee of BGL BNP Paribas, emphasised that the bank is ready to provide a seamless transition for new clients.
ING will inform its retail customers in a phased manner until summer 2025. Current services will remain available until the transition is completed.
This agreement illustrates a global trend where banks are downsizing retail operations, transferring them to large universal players. In Luxembourg, where competition is high, this restructuring allows for better service to key customer segments.
