ING withdraws from Eastern Europe, raises bank charges by 16%
Tuesday 02 October 2012
Banking group ING on Tuesday announced it is cutting back its activities in the share markets in Eastern Europe.
Activities in Russia, Czech Republic, Romania and Hungary will be reorganised leading to 100 job losses in share research and a further thirty in company consultancy. Most of the job losses will be at the London offices.
ING will continue its share activities in Poland and the Benelux.
Eastern Europe will continue to be an important market for the bank, which will remain active in the region's financial markets such as payment traffic and credit finance.
ING also announced a rise in its bank charges of 16% in 2013. This takes the charge for a basic package from €15 to €17.50. A book of payment slips will no longer be free, but cost €5.