Luxembourg, 16/09/2025

• Last phase of the referral of private individual clients to BGL BNP Paribas 
• Business Banking offering to be phased out gradually over the coming months 
• Potentially 124 positions impacted; social plan negotiations planned to begin 
• ING reaffirms commitment to affected clients and employees throughout the transition 

Last year, we took important steps to future-proof our operations in Luxembourg with a clear and forward-looking plan. In this context, we have the intention to initiate the last phase of referring our Mass Retail Banking clients to our partner BGL BNP Paribas. Also, we plan to progressively withdraw from our Business Banking operations in Luxembourg, which includes services for local companies, self-employed individuals and entrepreneurs, among others. The intended business shift will result in a decline in client volumes, transactions, and operations which will lead to the reduction of potentially 124 positions.  

We are currently consulting our staff delegation and will conduct all social dialogue in line with national legal frameworks. 

CEO Michael Burch: “I am fully aware of the personal impact this transformation will have on the affected colleagues and we are committed to doing everything we can to support them. We will listen, engage, and work constructively with our staff representatives throughout this process.” 

We have already proactively implemented various measures, including promoting internal mobility and offering end-of-career plans to help reduce the impact on staffing levels. Despite these efforts, a social plan will be the measure needed to offset the planned and expected reduction in workload. CEO Michael Burch: “We are committed to an open dialogue and a strong focus on supporting employability throughout the transition”. Michaël Labarsouque, HR Director confirms: “We continue our efforts to reduce the impact on our employees by promoting as much as possible reskilling and internal mobility. We are consulting with the staff delegation in this moment and intend to begin negotiations as soon as possible with them and the national trade unions with a view to concluding a social plan, to offer respectful conditions to the affected staff.” It is anticipated that the planned social plan would run until the end of 2026. Michaël Labarsouque continues: “Our employee well-being program will be reinforced for the duration of this period.”

To ensure a seamless transition for ING’s Mass Retail Banking clients, ING and BGL BNP Paribas announced in December 2024 an agreement on an exclusive offer for ING’s private individual clients. This referral agreement will be continued for our remaining 21,000 private individual clients. The referral agreement offers eligible clients an easy account opening process and special conditions.   

In line with our transformation, we also plan a phased withdrawal from our Business Banking and leasing activities in Luxembourg. We are currently focused on securing a referral agreement for our Business Banking clients. And we will ensure all our clients are accompanied, and receive timely support and clear information. 

We will continue to honour the terms of the current mortgage loans and other loans for both private individuals and Business Banking clients until the end of their contracts. 

As part of the ongoing transformation and in line with changing client needs, we are also announcing the planned definite closure of the branches in Esch-sur-Alzette and Ettelbruck to the public as of 30 November 2025. Following this change, we will continue to serve clients from our two remaining branches situated in Luxembourg Gare and Strassen. This plan is consistent with evolving client behavior and our strategic focus on Private Banking and Wholesale Banking, whose clients increasingly utilize specialized digital and personal services rather than traditional branch-based facilities.  

Throughout this process, all relevant external stakeholders have also been kept informed and involved in the necessary discussions.

“This plan follows extensive internal review and market analysis, and reflects our long-term strategy to focus on areas where we bring value to Luxembourg and our bank; we have explored various options to avoid or minimise impact”, says Michael Burch. “To safeguard our position in Luxembourg in the long run, we need to focus all our efforts on our Personal, Private Banking and Wholesale Banking services.” With our dedicated offer for the investment fund industry, institutional clients and corporate clients, we are already a leading partner in Wholesale Banking in Luxembourg and are committed to reinforcing and further expanding this position.

Consultation with the staff delegation on the transformation plan is underway. We expect to then begin a formal negotiation process with them and the national trade unions, to co-develop the proposed social plan. We will also proactively inform all impacted clients and publish dedicated guidance materials in the coming weeks.