ING Luxembourg a referral agreement with BGL BNP Paribas on 2 December 2024, inviting its clients to switch banks as ING refocuses its operations on personal, private and wholesale banking. This move aligns with ING’s in May 2024 to prioritise more specialised banking solutions for high-net-worth individuals and corporate clients, shifting away from simpler retail banking services.

The referral will impact around 18,000 private clients, who will be directed to BGL BNP Paribas for their daily banking needs, which ING will no longer serve under its revised strategy. A representative of ING Luxembourg told Paperjam that at the start of 2024, the bank had approximately 86,000 private individual clients in Luxembourg, slightly fewer than the 90,000 previously . “This includes clients with simple daily banking needs, such as those covered by the referral agreement, as well as clients with more complex products like loans and investment portfolios. A significant number of clients with simple daily banking needs have already closed their accounts with ING,” the representative explained. The representative further clarified that the 18,000 clients covered by the referral agreement are the remaining clients who only have basic daily banking products with ING. However, the representative declined to disclose the exact number of client accounts that had been closed to date.

Referral package

As part of the transition, BGL BNP Paribas will offer an exclusive package to ING clients, which includes an easy account-opening process and special terms. ING will contact affected clients in phases, with instructions on how to move to BGL BNP Paribas. This process will unfold over the next several months, with all communications expected to be completed by the summer of 2025.

, CEO of ING Luxembourg, expressed confidence that BGL BNP Paribas would provide the high-quality services that ING’s clients value, particularly for daily banking needs. In the announcement, he emphasised that ING would continue to focus on delivering personalised services to its personal and private banking clients while strengthening its wholesale banking division. Burch also confirmed that ING’s Luxembourg office would remain the group’s global hub for fund management.

chair of the executive committee at BGL BNP Paribas and head of BNP Paribas Group entities in Luxembourg, thanked ING for their commitment to the partnership and assured clients of a smooth transition. She stated, “BGL BNP Paribas’ teams are already mobilised to provide a smooth transition for the concerned ING Luxembourg customers, who will benefit from all BGL BNP Paribas Group services.”

Both banks underscored that the referral process would comply with Luxembourg’s regulatory requirements, prioritising the best interests of the clients and stakeholders. BGL BNP Paribas employs around 2,100 people in the grand duchy.