Boursorama finalizes the agreement with ING France

ING is preparing to close its retail bank in France.

Online banks ING France and Boursorama announced on April 5 the signing of a partnership agreement which paves the way for a transfer of customer accounts from the first to the second, and includes the resumption of life insurance contracts .

This announcement comes less than a year after the launch of a “strategic review” by ING then that in December of the withdrawal of its online banking activity in France, involving the loss of around 460 jobs.

The agreement “will allow ING customers to become Boursorama customers“, summarizes with AFP the director of the online bank of ING in France Frédéric Niel, the transfer being automatic only for the products of life insurance.

For customers holding an ING Direct Vie life insurance contract (offered by Generali Vie and for which ING acts as broker), their contract will be transferred to Boursorama Banque in July 2022, without any action on their part. The precise date of the transfer will be communicated to them in June. From this date, Boursorama Banque will be their new broker“, specifies Boursorama in a press release.

The call of the foot is done using a simplified process to carry out the three stages – opening of a Boursorama account, transfer of assets, closing of the ING France account -, encouraged by a dedicated team and proposals incentive business.

Existing home and consumer loans will continue to be managed by ING, with the assistance of an external team. The latter represent a few thousand customers and around 3 billion euros in assets.

Boursorama hopes to recover “at least half” ING customers, explains to AFP its general manager Benoit Grisoni.

The total volume would now only be “greater than 500,000” after several operations via the closure of Orange Savings Accounts of customers who only hold this product with ING. This figure is far from the million customers on which ING communicated last year.

The Dutch bank has set itself the goal of closing all current accounts by the end of 2022.

We have been very close competitors for a very long time“, emphasizes Mr. Grisoni, who also highlights the complementarity of the customer profiles of the two banks, that of ING being less young and better endowed with products and outstandings.

The transaction amount was not sent. Boursorama claims a number 1 position in online banking in France with 3.3 million customers, including 800,000 acquired during the year alone
2021.

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