Credit: Jazmin Campbell / Chronicle.lu
On Monday 2 December 2024, ING Luxembourg and BGL BNP Paribas announced a referral agreement to provide an alternative for ING's clients with "simple daily banking needs".
As announced in May 2024 and following an assessment of the Luxembourg market, ING has decided to focus its Retail Banking business on long-term personalised and specialised financial services (Personal and Private Banking). ING is also continuing to expand its Wholesale Banking offering for large corporate, institutional and investment fund clients.
As part of this transition, ING and BGL BNP Paribas have reached an agreement on an exclusive offer for approximatively 18,000 of ING's private individual clients in search of an alternative daily banking solution. According to the two banks, the offer includes an "easy account opening process" and "special conditions".
ING said it was convinced that BGL BNP Paribas was the right partner to support clients in their daily banking needs through its "wide range of products and services, a dedicated onboarding programme and a strong focus on digital solutions".
ING added that its clients do not need to do anything for the time being. ING will gradually contact the clients covered by this agreement in the coming months, up until summer 2025, with detailed instructions on how to proceed. In the meantime, ING will continue to serve these clients.
Michael Burch, CEO of ING in Luxembourg, said: "We are pleased that with BGL BNP Paribas we have found an attractive alternative for our retail clients with simple daily banking needs. We are fully confident that BGL BNP Paribas offers the highly regarded services that our clients value. We will continue to deliver personalised and specialised services to our Personal and Private Banking clients, and clients with long-term investment needs. At the same time, we remain ING's global centr of expertise for fund management, and we are further strengthening our services for our Wholesale Banking clients."
Béatrice Belorgey, Chair of the Executive Committee of BGL BNP Paribas and Head of the BNP Paribas Group entities in Luxembourg, stated: "I would like to thank the ING teams for their commitment and for the quality of the partnership we are announcing today. BGL BNP Paribas' teams are already mobilised to provide a smooth transition for the concerned ING Luxembourg customers, who will benefit from all BGL BNP Paribas Group services."
The agreement between the two banks will be "carried out in accordance with regulatory legislation in force and considers the best interests of clients and other stakeholders".
