ING Bank, the fourth largest bank in Belgium, has cut its branch network again, this time at independent agents. De Tejd wrote on Saturday that their number should be cut by more than half.
This is the third major intervention in the branch network since 2018. Subsequently, the Record Bank, the network of previously self-employed workers, was completed. At the end of last year, the bank also announced the reduction of its branch network to 50.
De Tejd has now learned that ING has reported during media sessions that the number of independent agents will drop from 448 to 200 by the middle of next year, with agents now operating a total of 311 branches.
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150 out of 311 offices
The bank did not disclose the number of branches that will remain. This is still being studied. “At best there are 100 to 150 out of 311,” a good source estimates. ING announced that the average number of customers per branch should increase from 5,000 to 15,000. At the end of 2021, the bank announced in its strategic plan Route 2024 that it wants to open a total of 150 to 250 branches. This decreases by about two-thirds in ten years.
According to ING, the intervention will not affect the number of jobs. More than 800 employees work in independent offices. According to the newspaper, anyone working at a disappearing agency should be able to move to another independent branch.
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