Is ING Bank Philippines shutting down? Yes and No. ING Bank Philippines is shutting down only its retail operations before the end of 2022. It will continue to operate its wholesale banking business and global shared services operations in the Philippines.
ING Bank announced its retail closure well
I have a digital banking account with ING Bank, and I appreciate very much that ING Bank notified me and all other ING account owners about its retail shutdown. It also prepared a FAQ to reply to all questions that account owners might ask about their accounts. Account owners were not left to research about the retail closure. All that they might wonder about are there in the FAQ.
ING Bank also said it will keep its account owners informed of any changes that will impact their accounts.
What You Can Do and No Longer Do as ING Bank Processes is Retail Closure
- You can STILL DO:
- Transfer money to ING Bank
- Transfer money from ING Bank
- Make a check deposit
- Close your account
- Request an e-statement
- Use your debit card online
- Free ATM withdrawals with your debit card
- You can NO LONGER DO:
- Open a new retail ING account
- Apply for a loan
- Refer friends to ING and get credit
- Complete Pending loan application
History of ING Bank in the Philippines
ING Bank started in the Philippines in 1990, focusing first on wholesale banking, serving international and local corporations. Later on, it became a universal bank, serving both consumer and corporate customers. In 2013, it started ING Business Shared Services, Inc. which supports ING’s banking operations all over the world.
ING Bank Philippines became one of the first banks to offer fully digital banking in the country. It’s one of the very few, if not the only one, that offered mobile check deposit. It also did not charge for InstaPay transfers. As of June 2022, ING’s mobile banking app has more than one million downloads from Google Play and is rated very highly, with 4.5 stars. It did not have many hiccups, as users experienced with other newly starting digital banks.
19th Floor, World Plaza Building, 5th Ave., Bonifacio Global City, 1634 Taguig City, Metro Manila
22nd Floor, Arthaland Century Pacific Tower, 5th Avenue cor 30th Street, Bonifacio Global City, 1634 Taguig City, Metro Manila
ING Bank Philippines’ Financial Statement
As of December 2021, it has 31.46 billion pesos in total assets, based on BSP data. It’s No. 32 in a ranking of 46 universal and commercial banks in the Philippines. It’s No. 40 in a ranking of all types of banks in the Philippines.
Interestingly, Bank of America Philippines is a notch lower, with 25.28 billion in total assets.
International Operations of ING Bank
ING Bank is headquartered in Amsterdam, Netherlands. It operates in more than 40 countries, mostly in Europe. It manages more than 57,000 employees who serve around 38 million customers, corporate clients and financial institutions around the world.