ING Luxembourg will withdraw from retail and business banking by cutting up to 124 jobs, referring its remaining 21,000 private clients to BGL BNP Paribas and closing its Esch-sur-Alzette and Ettelbruck branches, the bank confirmed on 16 September 2025. Management said the restructuring would allow a sharper focus on private and wholesale banking.

The changes follow a strategy first announced in May 2024, the bank stated, to expand private banking for high-net-worth individuals and strengthen wholesale banking for international corporates, institutions and investment funds. Chief executive Michael Burch said the plan was designed to keep ING “strong, competitive and future-ready in Luxembourg” and stressed the bank’s commitment to guiding clients and employees through the transition.

Business banking, which serves local companies, the self-employed and entrepreneurs, will be phased out. ING said this withdrawal would reduce client volumes and transactions and trigger staff reductions.

Jobs and social plan

As many as 124 positions at the bank could be cut, Burch confirmed, adding that he is “fully aware of the personal impact” and pledged constructive dialogue with staff representatives.

Human resources director Michaël Labarsouque said ING had promoted internal mobility and end-of-career arrangements to limit job losses, but a social plan was now unavoidable. Negotiations with staff delegates and national trade unions are expected to begin shortly, with the plan running until the end of 2026. He added that the employee well-being programme would be reinforced during this period.

Impact on clients

The final phase of the referral of retail clients to BGL BNP Paribas is under way. The December 2024 referral agreement covers 21,000 remaining individual clients and offers simplified account opening and special conditions.

ING also intends to secure a referral agreement for business banking clients. It confirmed it will continue to honour all existing mortgages and loans until maturity.

The bank will close its Esch-sur-Alzette and Ettelbruck branches on 30 November 2025, leaving only its Luxembourg Gare and Strassen sites. The closures reflect what the bank described as evolving client behaviour and the shift towards more specialised digital and personal services.

Burch argued that the restructuring followed “extensive internal review and market analysis” and was necessary to safeguard ING’s long-term viability in Luxembourg. He added that the bank intends to reinforce its position as a leading wholesale banking partner for the investment fund industry, institutional clients and corporates.