ING NV exits 10 countries, Romania remains on cards

ING NV said it would keep doing business in Romania, as part of the strategic objectives of the Dutch-based group, together with other markets in the region, said the general manager of ING Romania, Misu Negritoiu, adding that the group has not yet made a decision on the 10 countries it said it would exit.

“ING remains focused on countries like Holland, Belgium and Central and Eastern Europe and it would scale back operations from other 10. The bank management has not made a decision so far on the markets he would exit”, said Negritoiu.

He added that Romania is not one of the ten countries the bank would exit, and a final decision based on the operations carried in the respective market and weight in ING NV’s activity is due to be issued soon by the board.

“For the time being, the group adopted a back to basis approach: it plans to go back to the less sophisticated basic banking activity”, Negritoiu mentioned.

On Thursday, ING NV’s CEO, Jan Hommen said the Dutch-based financial group will leave 10 of the 48 countries it currently operates and sell 10 of 15 businesses over the next 305 years.

In early March, Negritoiu said the impact of the recent group-wide restructuring of ING over its Romanian subsidiary would be minimal, given the solid and sustainable activity so far.

ING Bank Romania reported a gross profit of 121 million lei (28.36 million euros) for first quarter this year, up 248% year-on-year, on 37% increase in total assets up to 11.04 billion lei.

ING’s operations in Romania include banking, insurance, private pensions, leasing and factoring services through: ING Bank Romania, ING Lease, ING Commercial Finance, ING Real Estate Investment

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